Hello Everyone,

Did you know effective March 18, 2011

–         The maximum amortization period (the length of time you have to pay back your mortgage) will be reduced from 35yrs to 30yrs for new mortgages with less than 20% as a down payment.

– This means that mortgages will be more expensive for first time home buyers who need that extra 5 years to pay off their mortgage.

–         The maximum amount that applicants can borrow when refinancing will be reduced from 90% to 85% of the value of their home

Now may be the time for you to look at consolidating  your debts or taking out equity for home improvements ie: new kitchen, new bathroom or perhaps roof….

Here is a link from CMHC, should you require any additional information.

http://www.cmhc.ca/en/hoficlincl/moloin/hopr/upload/CMHC-Refinance.pdf

If you need any other information, please do not hesitate to let me know.

Have a wonderful day!