Wednesday, July 30, 2008

100% financing? Not anymore.

On July 9, the Department of Finance announced that it will no longer offer 100% financing or 40 year amortizations. You will however be able to obtain mortgage loan insurance for amortizations of up to 35 years and up to 95% of the value of the property.

So, if you were thinking of 100% financing or a 40 year amortization, you may have to take another look at your options. October 15, 2008 is when these changes are to take effect.

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