Mortgage Rules Take Effect and New Rules to Come

There's been a lot of changes in the mortgage industry in the past few months as Canadian legislators try to prevent Canadians from borrowing money they may not be able to afford to borrow.  

As of last week, 35 year government backed insured mortgages have been discontinued and the highest amortization period one can apply for is 30 years.  

Next month the government will be eliminating guarantees on home equity lines of credit.  

For more details check out an article posted in the Guelph Mercury by clicking here.