4 Changes to Default Insured Mortgages
The following changes to mortgage regulations for insured (CMHC or Genworth) mortgages will be taking place July 9th, 2012: 1. Lowering the maximum amount consumers can borrow when refinancing their mortgages. This change will lower the maximum mortgage amount to 80% of the appraised value of the property from the current 85%. This change will…