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New Mortgage Rules Will Make Home Buying Tougher in the North
New mortgage rules announced by the federal government will affect Northern homebuyers. Yesterday Ottawa announced the life of a mortgage will be reduced from 30 years to 25 years. Mortgage Group Broker Curtis Cannon says the new rules will make it difficult for people entering the housing market.
"And in a lot of cases you're dealing with somebody who might be on commission and actually makes more than that $50,000 they might make $65,000 however they can use only that income of 50," says Cannon, "so they're not really stretched but under these new rules it will make it appear that they're stretched out."
The new mortgage rules from the federal government will also reduce the amount of equity homeowners can take out of their home in a refinancing. The changes are set to take effect on July 9 of this year.
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