Mortgage amortization periods will be reduced from 35 years to 30 years for CMHC insured mortgages. The maximum amount canadians can borrow to refinance their mortgages will be lowered from 85 per cent to 80 per cent the value of the home. CMHC will not cover mortgages over $1 million-which means buyers will need 20 per cent downpayment to get an uninsured mortgage. These changes take effect July 9, 2012.
Posts Tagged ‘Amortization’
In repsonse to economic projections for Calgary, 2011 has already started with a big bang!
Friday, January 21st, 2011The exceptionally low real estate inventory combined with considerable buyer pent up demand has resulted in many new listings being sold within a short time, in some cases in multiple offers, however rarely exceeding list price. One example would be a property we had listed in Coventry Hills this month sold in 5 days at 98% of list price.
As a potential Seller we strongly recommend listing early in the year as there are many Buyers acitvely looking to buy with locked in low interest rates (that are the lowest in history and will ultimately only go up) as well as benefit from lower monthly payments with a 35 year amortization (that is reduced to a maximum 30 years as of March 18, 2011).
Buyer’s it is imprtant that you get your pre-qualifying in place for financing, as it is a competitve buying market and you will need to be prepared to write an offer as well priced properties are selling quickly.
If you are considering buying or selling, please call us directly at 403-796-4400 and we will show you how our superior Buyer and Seller programs will benefit you.