Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Mortgage rules to be "tightened" further by Ottawa

chemgear · 06-20-2012, 10:21 PM

Sounds like they're finally putting it back to the original 25 years. Announcement for tomorrow and probably kick in after 60 days like usual?

http://business.financialpost.com/20...official-says/

http://www.cbc.ca/news/business/stor...tightened.html

Buyers who purchase a home with a down payment of less than 20 per cent of its value are required to purchase government-backed mortgage insurance through Canada Mortgage and Housing Corporation.

Under the new rules, mortgages amortized over a period longer than 25 years will no longer qualify for that insurance, making it effectively impossible to get a highly leveraged mortgage of more than 25 years in Canada.

06-20-2012, 10:21 PM	#1
chemgear Franchise Player Join Date: Feb 2010 Exp:	Mortgage rules to be "tightened" further by Ottawa Sounds like they're finally putting it back to the original 25 years. Announcement for tomorrow and probably kick in after 60 days like usual? http://business.financialpost.com/20...official-says/ http://www.cbc.ca/news/business/stor...tightened.html Buyers who purchase a home with a down payment of less than 20 per cent of its value are required to purchase government-backed mortgage insurance through Canada Mortgage and Housing Corporation. Under the new rules, mortgages amortized over a period longer than 25 years will no longer qualify for that insurance, making it effectively impossible to get a highly leveraged mortgage of more than 25 years in Canada.