Insured Mortgage Rules set to change February 15, 2016

In December 2015 the Federal Government announced new insured mortgage downpayment measures for properties greater than $500,000.00. A downpayment of 5% up to $500,000.00 remains in place but for every dollar a property costs over $500,000.00, a 10% downpayment will be required.  Properties in excess of $1 million dollars will still require a 20% downpayment. Moneysense explains 5 things to know about the new rules:

http://goo.gl/qjyK2M

For more information regarding the new rules as well as insurance requirements for federally regulated lenders see:  

http://www.fin.gc.ca/n15/15-088-eng.asp

 

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