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?
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By Sean jordan @ One Percent Realty