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The Government of Canada announced changes today to mortgage insurance rules which may affect your qualification levels when applying for a new mortgage. These changes come into effect April 19th meaning that they affect any mortgages funded after April 19th. (Funding is often on or about your completion/possession date for your new home.)
 
The changes include:
 
1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;

2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;

3. Non-owner occupied properties will require a minimum down payment of 20%.
 
Should you be in the market for a new home and want more information on how these changes will impact you, do not hesitate to contact me for more information. 
 

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