Changes To Mortgages In Canada For 2010

New 2010 Mortgage Changes! Watch this informative video on 2010 Mortgage Changes

 

 

Check out what the government is saying on their 2010 Mortgage Changes!

 The following comments on 2010 mortgage changes were made by Jim Flaherty Minister of Finance.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing." The Government will therefore adjust the rules for government-backed insured mortgage (s) as follows:

•Require that all mortgage borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates on their mortgage in the future.

 •Lower the maximum amount Canadians can withdraw in refinancing their mortgage (s) to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.

 •Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

 "There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."

These 2010 Mortage Changes were brought into effect in early April 2010.

Would you like to know how these 2010 Mortgage Changes will effect you in today's market?

Are you selling a home ? Would you like to know how these 2010 Mortgage Changes will benefit you in your sale?

 Are you thinking of buying a home? Would you like to know how these 2010 Mortgage Changes can help you save money on buying your new home?

 Contact The Property Finders for more information on Buying and Selling a home and to keep you informed on all current Mortgage Changes in 2010 and beyond!

 Call Doug or Sean now! 604-726-1023

or send us a email at thepropertyfinders@live.ca

 For more Buying and Selling tips and how to get the best mortgage visit us at

www.thepropertyfinders.ca

The Property Finders are experts in buying and selling real estate in the lowermainland and fraser valley bc! We have expert team members that can find a mortgage just right for you! We are always informed on any mortgage changes in 2010 and beyond!

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Thanks for reading our 2010 mortgage changes in canada!

By Sean jordan @ One Percent Realty

Comment balloon 0 commentsSean Jordan • September 10 2010 03:21PM
Changes To Mortgages In Canada For 2010
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New 2010 Mortgage Changes! Watch this informative video on 2010 Mortgage Changes Check out what the government is saying on their 2010 Mortgage Changes! The following comments on 2010 mortgage changes were made by… more