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The Galway Group
Coldwell Banker Tri-Tel Realty
22519 Dewdney Trunk Road, Maple Ridge, BC
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Thursday, June 21, 2012 - New mortgage rules effective July 9 2012

 

Starting July 9 2012, those with less than 20% equity will no longer be able to get a prime mortgage with a 30 year amortization.

The maximum amortization term will be 25 years.
 

Also, the upper limit that Canadians can borrow against their home equity will drop from 85% to 80% of their home's value.
 

In addition, the government will:


•Limit the maximum gross debt service (GDS) and total debt service (TDS) to 39% and 44% respectively (Currently, GDS does not apply to qualified borrowers with credit scores of 680+), and


•Ban mortgage insurance on properties over $1 million.

New mortgage rules are meant to “lower risk” for taxpayers and curb excessive household debt, which is Canada’s biggest economic risk. 

posted in News at Thu, 21 Jun 2012 11:27:48 -0700



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