{"id":2647,"date":"2011-01-17T09:50:00","date_gmt":"2011-01-17T14:50:00","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/2011-new-mortgage-rules\/"},"modified":"2022-01-11T15:53:32","modified_gmt":"2022-01-11T20:53:32","slug":"2011-new-mortgage-rules","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/2011-new-mortgage-rules\/","title":{"rendered":"2011 New Mortgage Rules"},"content":{"rendered":"
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Three new federal rules – changes to current practices – concerning mortgages were announced by Finance Minister, Jim Flaherty, today as a response to the rising consumer debt in Canada.<\/p>\n

What are they?\u00a0<\/b><\/p>\n

1. The Amortization Period has been reduced to a maximum of 30 years from 35 years for insured mortgages, with more than an 80% loan-to-value-ratio, that are backed by the government.<\/p>\n

2. The maximum amount that Canadians can borrow to refinance their mortgages was lowered to 85%, from 90% of the value of their homes.<\/p>\n

3. Insurance for lines of credit that are secured by homes, which are backed by the government, will be withdrawn.<\/p>\n