As you know, On January 17, 2011 the Government of Canada announced new guidelines for mortgage financing.
TD Bank will meet these requirements by making the following changes:
Maximum amortization for High Ratio and Conventional mortgages reduced from 35 to 30 years Maximum Loan-to-Value ratio for refinance transactions reduced from 90% to 85%
For purchase transactions
For those who sign an agreement of purchase and sale, prior to March 18, 2011, will be apply for a 35 year amortization. The closing date can be after March 18, 2011. However, the agreement has to be signed prior to March 18, 2011 AND a mortgage application has to be submitted prior March 18, 2011.
For refinance transactions
For those applying for a refinance, a credit application has to be submitted prior to March 18, 2011 to refinance their mortgage up to 90% of the appraised value.
TD Canada Trust Mortgages