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Government Cuts Mortgage Lengths
Prince George, B.C. - Long-term mortgages have been cut by the Canadian Government. As of March 2011, 35-year mortgages will be a thing of the past. Local Mortgage Broker, Nola Stairs, says 30-years will be the max, adding other cuts to refinancing are also on their way. Stairs says 85-percent will be the maximum home owners can borrow in refinancing, 5-percent less than what is currently in place. Though it's a small decrease, Stairs expects many will feel the repercussions,with some homeowners even forced to sell due to lack of home equity. Stairs says first time home buyers will be hit the hardest. She says young people have less money to spend on housing, and limiting mortgages means they may have to purchase a home costing tens of thousands less.
January 23rd 2011 | 12:15pm | 94X and The Wolf News
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