NEW MORTGAGES RULES

Starting April 13th, 2011 the Canadian mortgage rules are changing yet again. The maximum LTV (loan to value) on refinances is now 85% and the maximum amortization for all mortgages will be only 30 years (previously 35). What does this mean? The majority of first home buyers will not qualify for the home they want. If you are looking to purchase or refinance, I would HIGHLY suggest looking into this very soon.  Get your applications in before March 18th, 2011 and you will not be affected.