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Morinville News

Tories introduce new mortgage rules

By Staff

Ottawa – Finance Minister Jim Flaherty announced Monday the government was tightening rules on government-backed insured mortgages. The new rules, set to come into effect this spring, will reduce the maximum amortization rate on mortgages from 35 years to 30, and will reduce the amount a person can borrow to refinance their home from 90 per cent of the property’s value to 85 per cent… […]