We knew Changes to Canadian Mortgage’s was coming…and here it is!

Here is the quick and dirty: MORTGAGE INSURANCE RULES ANNOUNCEMENT This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. The Canadian Association of Accredited Mortgage Professionals (CAAMP) was actively engaged in the discussions around these changes which are as follows: 1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term; 2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of oneÕs home; 3. Non-owner occupied properties will require a minimum down payment of 20%. There were no changes to down payment requirements or length of amortizations for owner-occupied residences. For answers on how these changes will affect you. Please call FOCUS Mortgage Solutions at 1-877-75-FOCUS (1-877-753-6287).