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Michelle Powell, Real Estate Representative
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SEARCH TORONTO HOMES FOR SALE
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BUYING AND SELLING YOUR HOME IN TORONTO
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CHANGES TO MORTGAGE RULES
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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- Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.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.
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Coming on the Market Soon
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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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