Michelle Powell

Michelle Powell, Real Estate Representative


www.TorontoRealEstateHere.com

 

 


BUYING AND SELLING YOUR HOME IN TORONTO


 

 

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CHANGES TO MORTGAGE RULES


Federal Government Changes Mortgage Rules

February 16, 2010 -- The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows:

  • All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
  • Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
  • Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.

Coming on the Market Soon


In March there are two houses coming to the market. Both are in the Dufferin and St. Clair Avenue area.

The first is a 3 unit house in Corso Italia which will come on well under 500K.

The second will also list under 500K and is a beautiful 3 bedroom home with tons of character.

Call me at 416-708-0556 if you want to get a head start on one of these properties.

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