Posted on 31/07/08
A zero-down mortgage by another name?
As the financial industry sits down with Ottawa this week to assess tighter mortgage rules, another lending product could find its way into the spotlight - cash-back mortgages.Keen to avoid a U.S.-style housing bubble, the federal government recently cracked down on lenders and insurers through a series of reforms. Major changes already announced include a planned withdrawal of government guarantees for mortgage loans where the down payment is less than 5 per cent of the home's value, and for those with amortizations of more than 35 years.
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