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1) Mortgage amoratization periods will be reduced to 30 years from 35 years on all insured mortgage loans. Home purchases with less than 20% are required to have insurance (such as CMHC). This will take effect on March 18, 2011.
2) The maximum amount that homeowners can refinance their home will be lowered to 85% of the home's equity (presently homeowners can borrow up to 90% of the equity out of their home).
3) The government will withdraw its insurance backing on secured lines of credit as of April 18, 2011.
Aside from that, all the other current rules remain unchanged, including the minimum 5% down to get a CMHC insured mortgage.
If you have any questions on mortgages or real estate, please don't hesitate to contact Jeff O'Leary
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