Mortgage Reforms Announced - How Do They Affect You?
On Tuesday, February 16, 2010, Jim Flaherty, Minister of Finance, announced reforms to the rules governing mortgage qualification. The changes affect: 1. the rate used for a borrower to qualify for a mortgage; 2. how much equity can be removed from your home and; 3. downpayment of 20% required on rental properties. Chris Molder, Toronto mortgage broker, goes over the changes in his video blog...more
