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).
For more details and to understand how this may effect you, feel free to view GVREB Mortgage Rules or visit www.fin.gc.ca.
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