{"id":2608,"date":"2011-03-18T11:53:00","date_gmt":"2011-03-18T15:53:00","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/new-mortgages-rules-in-effect-today-march-18th-were-you-prepared\/"},"modified":"2020-02-17T20:39:30","modified_gmt":"2020-02-18T01:39:30","slug":"march-18th-were-you-prepared-for-new","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/march-18th-were-you-prepared-for-new\/","title":{"rendered":"New Mortgages rules in effect today, March 18th &#8211; Were you prepared?"},"content":{"rendered":"<div><a href=\"https:\/\/lh6.googleusercontent.com\/-SzCADIEMZoE\/TYON2h6AihI\/AAAAAAAAAGU\/HyipBTZ4eS0\/s1600\/headache.jpg\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/lh6.googleusercontent.com\/-SzCADIEMZoE\/TYON2h6AihI\/AAAAAAAAAGU\/HyipBTZ4eS0\/s1600\/headache.jpg\" border=\"0\" \/><\/a><\/div>\n<p>Yesterday was St. Patrick&#8217;s day and today, March 18th, the new 2011 Mortgage Rules came into effect &#8211; either could have been the cause of a major headache. But maybe not &#8211; were you <a href=\"http:\/\/www.zoocasa.com\/2011\/03\/worried-about-qualifying-for-mortgage.html\">prepared<\/a>?<\/p>\n<p>A refresher on what the new rule changes means: mainly, that the maximum allowable <a href=\"http:\/\/www.ratehub.ca\/mortgage-term-vs-amortization\">amortization period<\/a> on new mortgages will be reduced to 30 years from 35 years; effective on \u2018high-ratio mortgages\u2019 or mortgages with down payments of less than 20%.<\/p>\n<p>Shorter amortization periods reduce the total interest paid over the life of a mortgage, but increase mortgage holders\u2019 monthly payments. Is there a way to get around the new amortization standard? If you have a 20% down payment or higher (\u2018conventional mortgage\u2019), you may be able to access a longer amortization period (it&#8217;s expected most of the major banks will continue to offer 35-year amortizations on conventional mortgages).<\/p>\n<p><i>What are the other rules?\u00a0<\/i><\/p>\n<ul>\n<li>The maximum amount that Canadians can borrow to refinance their mortgages was lowered to 85% of home values (down from 90%).<\/li>\n<\/ul>\n<ul>\n<li>Government-backed insurance for lines of credit secured by homes has been withdrawn<\/li>\n<\/ul>\n<p>These new mortgage regulations were introduced to curb concerns over high Canadian debt levels, which reached 150% of personal disposable income per average Canadian household at the beginning of 2011.<\/p>\n<p><i>With files from <a href=\"http:\/\/ratehub.ca\/\">Ratehub.ca<\/a><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday was St. Patrick&#8217;s day and today, March 18th, the new 2011 Mortgage Rules came into effect &#8211; either could have been the cause of a major headache. But maybe not &#8211; were you prepared? A refresher on what the new rule changes means: mainly, that the maximum allowable amortization period on new mortgages will [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[172],"tags":[],"class_list":["post-2608","post","type-post","status-publish","format-standard","hentry","category-mortgage-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Mortgages rules in effect today, March 18th - Were you prepared? | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Yesterday was St. Patrick&#039;s day and today, March 18th, the new 2011 Mortgage Rules came into effect - either could have been the cause of a major\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/march-18th-were-you-prepared-for-new\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Mortgages rules in effect today, March 18th - Were you prepared? | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Yesterday was St. Patrick&#039;s day and today, March 18th, the new 2011 Mortgage Rules came into effect - either could have been the cause of a major\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/march-18th-were-you-prepared-for-new\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2011-03-18T15:53:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-18T01:39:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lh6.googleusercontent.com\/-SzCADIEMZoE\/TYON2h6AihI\/AAAAAAAAAGU\/HyipBTZ4eS0\/s1600\/headache.jpg\" \/>\n<meta name=\"author\" content=\"Zoocasa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zoocasa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/march-18th-were-you-prepared-for-new\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/march-18th-were-you-prepared-for-new\/\"},\"author\":{\"name\":\"Zoocasa\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/797314ca6279e6b154442b2f393e41b2\"},\"headline\":\"New Mortgages rules in effect today, March 18th &#8211; Were you prepared?\",\"datePublished\":\"2011-03-18T15:53:00+00:00\",\"dateModified\":\"2020-02-18T01:39:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/march-18th-were-you-prepared-for-new\/\"},\"wordCount\":222,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Mortgage News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/march-18th-were-you-prepared-for-new\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/march-18th-were-you-prepared-for-new\/\",\"name\":\"New Mortgages rules in effect today, March 18th - Were you prepared? 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