Visual Look at The Mortgage Changes July 2012

A visual look at the changes in mortgages July 9 2012.

On June 21, 2012, Ottawa tightened rules on mortgage lending in Canada, reducing the maximum amortization period to 25 years, down from 30.  Here's a visual look at how these changes (effective July 9) would affect one homeowner's mortgage payments using a five per cent sample interest rate.

Sources: Canada Mortgage and Housing Corporation mortgage calculator,
Canadian Real Estate Association, CBCNews.ca
[Infographic by Ruby Buiza/CBC]


Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team

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