New Mortgage Rules to Hit the market:
Will this going to effect the first time home buyers? the rule will be effect April 19, 2010
Rule 1: All borrowers will need to meet standards for 5-year fixed-rate mortgages regardless of whether they're seeking a loan with a lower rate and shorter term.
Rule 2: Maximum amount Canadians can withdraw when refinancing to 90 per cent of the value of their homes, from the current 95 per cent.
Rule 3: Requiring a 20 per cent down payment for government-backed mortgage insurance on “speculative” investment properties.