New mortgage rules effective today…

1. All borrowers must meet the standards for a five-year fixed rate mortgage. This means that you can still choose a mortgage with a lower interest rate and shorter term, but must be pre-approved at the five-year fixed rate. (For some, it may be a little harder to qualify).
2. The maximum amount that can be withdrawn from your mortgage for refinancing, will now be reduced to 90%, from the previous 95%, of the value of your home.
3. Non-owner occupied properties (investment properties) will require a minimum down payment of 20%.
These are all the changes that will now be in effect.

There were no changes otherwise i.e. down payment requirements or length of amortizations for owner occupied residences

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