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mortgage rules: Clarity on new Mortgage Rules Canada - 07/06/11 12:04 PM
Mortgage rules changed this year, causing some confusion for homebuyers and homeowners.
For homebuyers, the biggest change is a reduction in the amortization period - the amount of time after which, if all monthly payments are made on time and in full, the mortgage loan will be repaid.
Under the changes, the maximum amortization period was decreased to 30 years from 35 years for all new government-backed insured mortgages.  A shorter period for repayment will mean that your mortgage payments will be greater. However, this shorter period means your mortgage will be paid off faster and you will save on interest.
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Sasha Dear

Bracebridge, ON

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Royal LePage Lakes of Muskoka

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