Blog

Federal Government Tightens Mortgage Lending Rules

(June 21, 2012, posted in Obtaining a Mortgage)

The Federal Government will be tightening mortgage lending rules effective July 9, 2012. Borrowers with less than 20% for a down payment will be subject to a maximum amortization of 25 years from 30 years and will be limited to home purchases of less then $1 million. In addition, home owners will only be allowed to access up to 80% of the equity in their home when refinancing as opposed to the pre... read more.