New Mortgage Insurance Rules - How do they affect You?
By Calvin Lindsay 2014/04/15
Some changes are coming soon for people who have mortgages on homes that are less than $1Million. The rational is that Canadians are in too much debt and are in need of controls on the large debts they have. So, changes are being made to the country's three mortgage insurers: Canadian Mortgage and Housing Corp, Genworth MI Canada and Canada Guaranty.
Also, changes to how much home equity can be accessed by home owners is being capped at 65%. This will affect the ability of homeowners to use the equity built up in their homes, for retirement etc....
What are your thoughts on this? Check out this article and comment back on this blog!