Thinking of buying or selling your home? New mortgage rules are coming into effect on July 9, 2012 which will impact consumer purchasing power when buying a home.
- no more 30 year mortgages, now down to 25 years for insured mortgages
- limit refinancing loans to 80% of the value of a home, from current 85%
To read more about the changes go to: http://m.theglobeandmail.com/report-on-business/economy/housing/flaherty-clamps-down-on-mortgage-rules-to-cool-overheating-market/article4359232/?service=mobile
If you have any questions about the current real estate market in Edmonton & surrounding areas, give us a call at (780)982-5233 or (780)995-9703.