Friday, July 25, 2008
Update In The Mortgage World
Well it has been a long time since my last blog and the mortgage world is in the process of changing dramatically. We have seen the Canadian government now step in and change the rules on mortgages. The government has set out to cool the housing market and stabilize the current mortgages so we do not have a meltdown like we have been seeing in the united States. True 100% financing is no longer allowed, 40 year amortization is gone and new minimum credit score of 620 is required. These changes due take affect on Oct 15, 2008. There is still a lot of great options available to Canadians for mortgages. These measures are going to help the housing, mortgage industry in the long run.