Compliments of REW.ca
January 2013 marks the start of the first year for home buyers under the federal changes to mortgage lending: in a way buyers now are in the same situation as buyers of 30 years ago before high-ratio mortgage insurance and long amortizations. Buyers, especially first-time buyers who require government-backed mortgage insurance, must take pragmatic steps toward a home purchase.
First, the amortization period has been reduced to a maximum of 25 years, as was common until a...