For Anyone Looking to Buy A House
Tuesday, April 24, 2007
The required downpayment to avoid having to pay CMHC mortgage insurance has been lowered from 25% to 20%. I think its a good move by the Feds.
http://finance.sympatico.msn.ca/banking/mortgages/article.aspx?cp-documentid=4760256
posted by aforward @ 8:29 PM,
2 Comments:
-
At 5:37 PM,
royassaly said...
-
This is great news, although getting a 20% downpayment is still hard to do when you're buying by yourself :S
-
At 5:54 PM,
royassaly said...
-
Bill C-37: Chapter 6, Paragraph 27:
http://www2.parl.gc.ca/HousePublications/Publication.aspx?pub=bill&doc=C-37&parl=39&ses=1&language=E&File=32
Restriction on residential mortgages
418. (1) A bank shall not make a loan in Canada on the security of
residential property in Canada for the purpose of purchasing,
renovating or improving that property, or refinance such a loan, if
the amount of the loan, together with the amount then outstanding of
any mortgage having an equal or prior claim against the property,
would exceed 80 per cent of the value of the property at the time of
the loan.
