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Flaherty Tightens Mortgage Rules Again....Effective July 9th 2012

1.

Reduce the maximum amortization period from 30 years to 25 years for new government-backed insured mortgages with loan-to-value ratios of more than 80%. This will significantly reduce the total interest payments Canadian families make on their mortgages, allowing for Canadian families to build equity in their homes more quickly, and help Canadians pay off their mortgages faster.

2.

Lower the maximum amount Canadians can borrow in refinancing their mortgages from 85% to 80% of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages.

3.

No more government backed mortgages on purhcases over $1,000,000.

With these new changes coming, it may be time to get a financial check-up and review your current mortgage prior to these new rules coming into force.

We can look at possibly lowering your interest by consolidating debts and reduce your monthly carrying costs so any additional money can go towards retiring your mortgage sooner.

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For further information please call:

Lyle & Reegan Somers

Assured Mortgage Services (905) 450-8300 ext. 106

Bank Prime 2.70
1 yr fixed 2.99
2 yr fixed 2.59
3 yr fixed 2.89
4 yr fixed 2.94
5 yr fixed** 2.84
7yr fixed 3.29%
10yr Fixed *%*
Variable Prime*** Conditions Apply 2.30
**Special - conditions apply
Effective July 17th 2017
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