If you have your home for sale, are looking to buy a new home or may need to refinance your home in the future chances are you have kept an open ear to last week's mortgage announcements.
Are you concerned or unsure how the changes will affect you?
Major Changes to
Canadian Mortgage Laws
Jim Flaherty’s announcement on July 21, 2012 included two major changes for Canadians with less than 20% equity:
1. Maximum Amortization Period in Canada
The biggest and most publicized change to mortgages rules is a shortened maximum amortization period (the amount of time to pay back the mortgage) which has been reduced from 30 years to 25 years. This idea of a shortened amortization period isn’t new. Up until a decade ago mortgages were amortized to a…