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Important Mortgage News

Several important announcements were recently made in regards to mortgages and interest rates.  These changes affect anyone who is currently or is planning to purchase or refinance a home:
 Mortgage Rule Changes:
 As expected, on Jan 17th, 2011, Finance Minister Jim Flaherty announced changes to mortgage rules in Canada.  These changes will directly affect anyone looking to take out a mortgage on a home or refinance a current home:
 1. The maximum amortization period has been lowered from 35 to 30 years for government-backed insured mortgages. This affects mortgages when the down payment is less than 20 percent.  This new amortization limit will take effect on March 18th, 2011. 
 2.  Effective March 18th, 2011, the maximum amount that can be borrowed when refinancing a mortgage has been lowered from 90 percent to 85 percent of the value of the home.
 3. The government will no longer provide insurance backing for home equity lines of credit.  Government backing for home equity lines of credit will end on April 18th, 2011. 
 The Minister did note that some exceptions will be allowed after these new changes come into force to satisfy a home purchase or a sale and financing agreement arranged before the above-mentioned March ... more

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