New Canadian Mortgage Rules and the Summerland & Penticton Real Estate Market

By Raymond MAASKE

Commercial Real Estate Agent with BusCom Real Estate Services

February 16, 2010 07:58 AM

New Canadian Mortgage Rules and the Summerland & Penticton Real Estate Market

New qualifying standards will mean borrowers in Summerland & Penticton must be able to handle a five-year, fixed-rate mortgage, even though they may opt for a shorter term and lower rate.
Refinancing homes in Summerland & Penticton will now be limited to 90 per cent of the value of a property, down from 95 per cent.
A minimum down payment of 20 per cent will be required for government-backed insurance on properties in Summerland & Penticton not lived in by their owners, up from 5 per cent.