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By ScreamingViking (registered) | Posted July 09, 2012 at 18:59:13 in reply to Comment 79345
Don't confuse a mortgage with a home equity loan - they're different things. The rule change applies to people who are already home owners, who are taking out a loan against the value of their property - previously they could get up to 85% of that value.
The change in the maximum amortization period is what will affect new buyers. (EDIT - though there is still flexibility for longer amortization if a 20% down-payment is made... this article has more details on all the changes: http://business.financialpost.com/2012/0... )
But I agree, hopefully Vranich's financing is strong.
Comment edited by ScreamingViking on 2012-07-09 19:31:49
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