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Mortgage rules change!!

In the next few months the Finance Minister of Canada will be changing the rules for financing mortgages - the 35 year mortgage will no longer be an option with  the maximum term being 30 years.  This will have a multiple effect on you the borrower .  For example, the amount of monthly payment will increase - for example a 30 year, 5%, $300,000 will cost about $1600 per month and will require a total minimum income of about $65,000 - $75,000 and a 35 year, 5%, $300,000 mortgage would cost about $1500 per month and would require a combined income of  $60,000 - 68,000.  If you are thinking of buying a home in the next few months talk to your lender and make sure your qualifications are intact if the rules change

 

The link below will give you the article for your information - read it and determine where you are

http://www.calgaryherald.com/business/Ottawa+toughens+mortgage+rules/4117842/story.html

Published Monday, January 17, 2011 8:38 AM by Andy Gauvreau

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