The announcement stated: The Government of Canada today announced adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market. The Canadian government announced last week that they will stop guaranteeing 40 year and 100% mortgages through the Canadian House and Mortgage Corporation (CHMC) effective October 15th, 2008. The new measures include: Fixing the maximum amortization period for new government-backed mortgages to 3 Having said that, the total expense of a refinance mortgage loan depends on all those factors - interest rate, number of points, and other costs. Lenders will charge several points in order to offer you the lowest rates. With these, the total cost can run between three and six percent of the total amount you borrow. So, for instance, you borrowed $100,000 on a refinance mortgage loan.
