Mortgages Rules For Canadian Home Buyers to Be Tightened
August 4, 2010 by Editor
Filed under About Mortgages
On July 9th, the Department of Finance moved to tighten Canada’s mortgages markets by announcing changes to the requirements for federally-backed mortgage insurance. The changes set minimum credit scores that home purchasers must meet to qualify for mortgage insurance on so-called ‘high-ratio mortgages” while restricting amortization terms to 35 years and requiring a minimum 5% […]