Typically in BC the real estate market picks up in March after a quiet grey winter. If you're one of those shopping you have very few days to get your mortgage commitment signed based on the old rules. The rules mostly apply to anyone with higher ratio mortgages.
The maximum amortization for insured mortgages will be 30 years. This is down 25% from a few years ago when it was 40 years! In addition to a decreased amortization period, is the maximum exposure which is now 90% down to 85% of the property value.
There are few other changes worth noting for brokers and realtors, and of course, lawyers:
http://www.fin.gc.ca/n11/data/11-003_1-eng.asp
The effective dates are March 18 for the changes noted above. For other changes it is April 18.
If your lawyer is not helping you, ask yourself why not.
Thursday, March 3, 2011
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