Friday, March 9, 2018 / by Ruth Ballantyne
Thinking of Buying/Moving/Refinancing -Do it before July 9.
Here are the Four Rule Changes:
Reducing the maximum amortization period to 25 years from 30 years
Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85%
Limiting the availability of government-backed mortgages to homes with a purchase price of less than $1 million
Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44%