3 New Changes to Mortgage Qualifications

On January 17th, Finance Minister Jim Flaherty announced three new changes to Canadian mortgage qualifications. They are as follows:

1. A 30 year maximum, down from 35 years, amortization on insured mortgages (down payment of less than 20%)

2. An 85% Loan to Value limit on insured refinances

3. Elimination of government insurance on secured lines of credit (aka HELOCs)

The goal with these new Canadian mortgage rules is to help stabilize Canada's long-term housing market and to encourage hard-working Canadians to save by investing in their homes. 

Full press release details can be viewed here.

What do you think of the new mortgage rules?

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