Edmonton mortgage rule changes

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Curious about the new rules for Alberta Mortgages? Check out this slide share by the Edmonton Mortgage Girls that will help you understand how to get the best mortgage for you.

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Edmonton mortgage rule changes

  1. 1. Edmonton Mortgage Rule Changes<br />What you need to know<br />info@mortgagegirl.ca 780.809.0880<br />
  2. 2. Overview of New Mortgage Rules<br />Maximum amortization reduced to 30 years<br />Maximum refinance limit lowered to 85% of home value<br />Home Equity lines of Credit no longer insured. Maximum borrowing to only 80% of mees homes value<br />info@mortgagegirl.ca 780.809.0880<br />
  3. 3. These changes affect Insured Mortgages only<br />info@mortgagegirl.ca 780.809.0880<br />
  4. 4. Mortgage Insurance<br />You pay a mortgage insurance premium if you have less than 20% down-payment for purchases, or you are refinancing to higher than 80% of your home value.<br />info@mortgagegirl.ca 780.809.0880<br />
  5. 5. Maximum amortization lowered to 30 years from 35 years<br />Effective<br />March 18, 2011<br />info@mortgagegirl.ca 866.932.8412<br />
  6. 6. Lower amortization means:<br />Qualifying for a lesser maximum mortgage amount<br />Higher mortgage payments<br />Lower interest costs over the life of the mortgage<br />* 40 year amortizations still available for uninsured mortgages.<br />info@mortgagegirl.ca 866.932.8412<br />
  7. 7. Maximum refinance amount lowered to 85% of home value<br />Effective<br />March 18, 2011<br />info@mortgagegirl.ca 780.809.0880<br />
  8. 8. Lower refinance amount means:<br />Maintain home equity when market values change<br />Reduced access to home equity <br />info@mortgagegirl.ca 780.809.0880<br />
  9. 9. No longer insuring Home Equity Lines of Credit<br />Effective<br />April 18, 2011<br />info@mortgagegirl.ca 780.809.0880<br />
  10. 10. No longer insuring secured lines of credit means:<br />Home Equity Lines of Credit up to maximum 80% of home value, previously 90%<br />Lender is absorbing product risk instead of mortgage insurance company<br />info@mortgagegirl.ca 780.809.0880<br />
  11. 11. Bottom Line<br />The Minister of Finance has put these new rules into place to support the long term stability of Canada’s housing market. All 3 new mortgage rules will encourage Canadians to make smart financial decisions. These new rules are aimed at helping Canadians reduce debt and increase savings, simple as that. <br />
  12. 12. More Questions?<br />
  13. 13. Contact us<br />Martene WoodwardJackie Woodward<br />Mortgage Associate Mortgage Associate, AMP<br />Call: 888.932.8412<br />Email: info@mortgagegirl.ca<br />Visit: www.mortgagegirl.ca<br />

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