Insured Mortgages New Rules

Effective July 9, 2012, the following changes mandated by the Department of Finance – Canada will be implemented:

• - Maximum Amortization Available for Insured Mortgages will be 25 years
• - Insured Mortgage must have a Purchase Price less than $1 Million
• - Maximum Amortization Available for Uninsured Mortgages remains at 30 years
• - Maximum Loan-to-Value Ratio for Refinances (insured and conventional) will be reduced to 80%