Effective April 19th there will be some changes to mortgage insurance rules.
1) All borrowers must meet the standards for a 5 year fixed rate mortgage even if they choose a mortgage with a lower rate and shorter term.
2) Maximum amount one can withdraw in a refinance will be reduced to 90% from 95%
3) Non-owner occupied properties will require a minimum down payment of 20%.
There were no changes to down payment requirements or length of amortization's for owner-occupied residences.
If you have been considering getting into a fixed rate, refinaceing or investing in property the time is now. The new criteria can affect your purchasing power!
For more information contact you mortgage broker today!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment