Department of Finance Announced New Changes Affecting Mortgage Insurance
3 NEW RULES:
1. Maximum Amortization for high-ratio loans has been reduced to 30 years from 35 years (effective on March 18, 2011).
2. Maximum Loan to Value (LTV) for refinances has been reduced to 85% from 90% (effective on March 18, 2011).
3. Elimination of government backing of insurance for Home Equity Lines of Credit (effective on April 18, 2011).
1. Maximum Amortization for high-ratio loans has been reduced to 30 years from 35 years (effective on March 18, 2011).
2. Maximum Loan to Value (LTV) for refinances has been reduced to 85% from 90% (effective on March 18, 2011).
3. Elimination of government backing of insurance for Home Equity Lines of Credit (effective on April 18, 2011).