Changes to Mortgage Rules Effective March 18th, 2011

Posted on February 18, 2011 by Don Pearce

There were new rules announced by the federal government this month abnd they are as follows:

1/ CMHC will no longer insure 35 year amortization - the maximum will be 30 years. If you already have a 35 or 40 year amortization you will be able to renew without changing the amortization.

2/ To refinance your existing home you must retain a minimum of 15% equity. The previous minimum was 10%.