1.
Edmonton Mortgage Rule Changes<br />What you need to know<br />info@mortgagegirl.ca 780.809.0880<br />

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.
These changes affect Insured Mortgages only<br />info@mortgagegirl.ca 780.809.0880<br />

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.
Maximum amortization lowered to 30 years from 35 years<br />Effective<br />March 18, 2011<br />info@mortgagegirl.ca 866.932.8412<br />

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.
Maximum refinance amount lowered to 85% of home value<br />Effective<br />March 18, 2011<br />info@mortgagegirl.ca 780.809.0880<br />

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.
No longer insuring Home Equity Lines of Credit<br />Effective<br />April 18, 2011<br />info@mortgagegirl.ca 780.809.0880<br />

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.
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.
More Questions?<br />

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 />