By: Robert Clancy Mortgages & Interest Rates
- Mortgage amortization periods will be reduced from 35 years to 30 years.
- The maximum amount Canadians can borrow to refinance their mortgages will be lowered from 90 per cent to 85 per cent of the value of their homes.
- The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit. (Effective April 18th, 2011)
What does this mean for you?
- Shorter Amortization periods can help you pay off your home faster!
- Dropping the refinance maximum will prevent Canadians from slipping into unmanageable debt!
- They will help improve the financial situation of your home!