The Government of Canada is therefore creating the Vehicle and Equipment Financing Partnership as part of BCAP. This program will be funded and managed by BDC, with an initial allocation of $500 million in funding, in partnership with experienced lenders and investors in the private market for asset-based financing. The partnership will expand financing options for small and medium-sized financing and leasing companies, increasing the availability of credit at market rates for dealers and users of vehicles and equipment. For more information on the Budget 2010 Department of Finance website, see Tax Measures: Extending Access to the Financing Needed to Support the Recovery. Moreover, further details on this program will be expected to announce in the upcoming few weeks.
Tag: Department of Finance
New Canadian Mortgage Rules Announced
According to The Department of Finance’s announcement it has been changed some of the rules for the new high-ratio mortgages in Canada, which will take effect from October 15, 2008. According to the new mortgage policy, new mortgages with government-backed mortgage insurance policies whether issued by the Canada Mortgage and Housing Corporation or private insurers, the maximum amortization period will be 35 years, and the minimum down payment will be five per cent (borrowers may borrow their five per cent down payment, but it will not be insured).
Like most of the mortgage companies have already start working their maximum amortization to 35 years for new mortgages and so do the borrower start thinking their own way, where is a possibility the mortgage application mostly effected before implication date or after? but mortgage client is out in the market due to the favorable temperature and an interest rate which is already fixed by the Bank of Canada, and who knows what it’ll be after the October 15.
