Tanya discuses a few of the federal governments changes to mortgage lending…
Tanya Rankin: Hi! I’m Tanya Rankin and I wanted to talk to you today about the new mortgage rules in Canada. There gonna be effective April 19th of 2010. And in spite of a lot of speculation they have left the maximum memortization at 35 years and they’ve also left alone the 5% down payment requirement so that’s great news for all of you that had been working hard to save up your 5% down. You can still qualify with that. Now the one thing that they have changed is. You have to qualify based on a 5 year fixed term. So even if you want to go to variable rate mortgage or 3 year or something that shorter than that. That’s not a problem its just that they have to qualify you on that 5, 5 year fixed term mortgage. And for a people that have been looking to maybe make an investment or get to a rental market. They’re going to up to minimum down payment for a rental property to 20%. So for now till then you can get in with your 5% down. So if you’re thinking of making an investment. Now be a great time. If you have any questions at all. You can always email me at tanya@tanyarankin.com and I hope you have a great day!