conventional: Conventional mortgage limit raised from 75 to 80% in Canada::
- 04/24/07 03:20 AM
An amendment to the Bank Act by the Government of Canada means lower mortgage financing costs for some owners of residential property in Canada.Owners and purchasers of Canadian residential property will not be required to purchase high ratio mortgage insurance if their mortgage does not exceed 80% of the value of their property.(Bank Act definitions: "residential property" means real property consisting of buildings that are used, or are to be used, to the extent of at least one half of the floor space thereof, as one or more private dwellings;) BILL C-37 / PROJET DE LOI C-37 An Act to amend the law governing financial institutions and to … (0 comments)
An amendment to the Bank Act by the Government of Canada means lower mortgage financing costs for some owners of residential property in Canada.Owners and purchasers of Canadian residential property will not be required to purchase high ratio mortgage insurance if their mortgage does not exceed 80% of the value of their property.(Bank Act definitions: "residential property" means real property consisting of buildings that are used, or are to be used, to the extent of at least one half of the floor space thereof, as one or more private dwellings;)
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