linafeng

Canadian New Mortgage Rule:


Rules for amortization and loan to value (LTV), effective March 18th, 2011 are as follows:
• Reduce the maximum amortization period to 30 years from 35 years at high ratio (>80% LTV)
• Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes.

Rules on Line of Credit (HELOC), effective April 18, 2011, as follows:
•Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs.   This means you will not be able to obtain line of credit at 80% LTV or higher (some lenders cap loan to value for HELOC at 75% LTV or lower  before this rule anyway)
For further questions, dont’ hesitate to email us at cchien@mortgagegrp.com about how this rule may affect your buying decision and qualifications

Full story and source: Department of Finance Canada


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银行账户信息，定存投资，个人贷款，房屋贷款。如果你想得到更多的咨询或更快的回复，可以给我来电或email:
Lina Feng 冯莉娜
Financial Services Manager
Bank of Montreal
Tel:（250）405-2181   
lina.feng@bmo.com