New Canadian Mortgage Rule - 30 Year amortization & 85% LTV, effective March 18, 2011
January 24th, 2011
Jim Flaherty, Minister of Finance announced prudent adjustments to the rules for government-backed insured mortgages.
Rules for amortization and loan to value (LTV), effective March 18th, 2011 are as follows:
• Reduce the maximum amortization period to 30 years from 35 years at high ratio (>80% LTV)
• Lower the maximum amount Canadians can borrow in refinancing their
mortgages to 85 p ...