New Mortgage Rules Announced

February 16, 2010 - Updated: February 16, 2010

NOW: Finance Minister Jim Flaherty has announced 3 changes to the Bank rules. Link to Government statement just minutes ago: http://www.fin.gc.ca/n10/10-011-eng.asp

First, buyers must be approved at 5yr fixed rate regardless of their product preference.

Secondly, refinancing at 90% not 95% going forward. And finally, investment/rental properties require 20% down to stem flippers and speculators.

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Tagged with: new buyers homes first time mortgage
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