Posts Tagged ‘Reduction of Mortgages from 30 to 25 Years’

FIRST-TIME HOMEBUYERS WILL BE SQUEEZED BY NEW MORTGAGE RULES

First Time Home Buyers Tips

A first-time homebuyer could need to earn as much as $500 more a month and would have to pay an extra $209 toward their mortgage each month under new mortgage rules that the federal government announced Thursday. The changes, which apply to government-backed insured mortgages, will mostly affect first-time home buyers looking to get into [...]

Jun 23, 2012 | Categories: FOR BUYERS | Tags: , , , , , , , , | Leave A Comment »

FEDERAL GOVERNMENT MAKES CHANGES TO MORTGAGE LENDING

New Mortgage Rules

2012 ANNOUNCES ON MEASURES TO SUPPORT THE LONG-TERM STABILITY OF CANADA’S HOUSING MARKET For the fourth time in as many years, the Federal Government has announced action to restrict mortgage credit. The new measures include: •  The maximum amortization on a prime mortgage will be reduced from 30 to 25 years. •  Mortgage insurance will [...]

Jun 22, 2012 | Categories: FOR BUYERS, FOR SELLERS, REAL ESTATE VANCOUVER | Tags: , , , , , , , | Leave A Comment »