More News on Mortgage Changes
As I summarized in a post eariler this month there are major changes coming to the mortgage industry in Canada. According to a recent article in the Calgary Herald the details of the changes which take effect on October 15th are still unclear.
In several areas, government backed mortgages are going to become harder to obtain after these changes take effect. The new measures are designed to “strengthen the Canadian Housing market and to reduce the risk of a U.S.-style housing bubble”.
In addition to a minimum credit score being implemented the maximum amoritzation period will be reduced from 40-years to 35-years and the minimum down payment will be set at 5% (currently zero-down is an option).
I'm committed to helping my clients buy, sell and enjoy their homes and I strive to provide an added level of value and service at every stage of the Real Estate transaction. 