New Mortgage Rules
New mortgage rules announced in June came into effect on July 9. How will these affect you? Mortgage amortization period reduced from 30 years to 25 years. You may now only refinance 80% of the value of your home (from 85). I would think the change that will cause the biggest change will be the gross debt-service limit down to 39 per cent from 44 per cent. Make sure you can qualify your next Real Estate purchase! Get preapproved!
