JUNE 21, 2012 – OSFI Announcement
At 8:15am this morning Mr Flaherty announced these changes that will impact insured mortgages. Changes (take effect July 9, 2012 so only a few short weeks away):
1 Max Amortization down to 25 years not 30
2 Refinance to 80% loan to value not 85% LTV
3 GDS Max 39% and TDS 44% (not 44/44)
4 No default insurance above $1mil
I’m always here to answer any of your questions, or to help you arrange suitable mortgage solutions!
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