Changes to mortgages

Contributed - Jan 29, 2011 / 5:00 am | Story: 59588

Changes to Mortgages That Will Affect Most Mortgage Holders

Jim Flaherty, Finance Minister announced three changes to mortgage financing in hopes of increasing saving and reducing financial risk to Canadians.

Flaherty says consumers are borrowing as much as they can get and with today's low rates he feels these consumers will be at risk when interest rates begin to rise.

The three changes he made were to reduce the maximum amortization, lower the loan to value for refinances and eliminate insurance for high ratio home secured lines of credits.

For further details please watch the video.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

Back to Homepage

Typos News Tips Forums

More The Mortgage Gal articles

About the Author

Tracy Head helps busy families get a head start on home ownership.

With today’s increasingly complicated mortgage rules, Tracy spends time getting to know her clients and helps them to better understand the mortgage process. She supports her clients before, during, and after their mortgage is in place.

Tracy works closely with her clients, offering advice and options. With access to more than 40 different lenders. She is able to assist with residential, commercial, and reverse mortgages in order to match the needs of her clients with the right mortgage package.

Tracy works hard to find the right fit for her clients and provide support for years down the road.

Call Tracy at 250-826-5857 or reach out by email [email protected]

Visit her website at www.headstartmortgages.com

Download her app: Headstart Mortgage Architects

The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

Previous Stories