New Mortgage Rules Coming into EffectPosted on Tuesday, February 22nd, 2011 at 2:57pm.
You may have heard but the deadline is fast approaching. The government is reducing the maximum mortgage amortization period to 30 years, from 35, as well as the the maximum amount of a home's value that can be refinanced.
These changes come into effect on March 18, 2011; exceptions will only be made where there is a binding home purchase/sale contract in place and the financing condition must be satisfied. Exceptions will also be made when it comes to financing and refinancing your current home, but you must also have an exsiting agreement in place (with your institution or mortgage broker).
Attention Google Chrome users: right click on the link to download PDF files while Google and Adobe work things out ;)