Extended Amortizations
30 and 35 Years
In an effort to enhance affordability, and increase access to homeownership, many lenders are providing mortgages with amortizations up to 35 years including (to name a few):
- ING Direct
- CIBC
- TD
- Scotia Bank
Mortgage Rates
For clients that qualify, True North Mortgage can typically give our best rates as displayed on our websites, rate sheets and screens to clients that want longer amortizations.
Which Mortgage Products Apply for Extended Amortizations
- Purchase Transactions
- Purchase Plus Improvements
- Refinance for repayment of existing financing, debt consolidation, renovation, & asset enhancement
Coverage
On a conventional mortgage, we may go to 80% of the value of your home. With CMHC or Genworth insurance coverage, we may go up to 95% of the value of your home. If the mortgage is CMHC are Genworth insured an extra premium is added to the usual insurance premium these companies charge.
Premium Rates
* No insurance premiums are required on loan-to-values less than 80%.
Borrower Qualification
- Maximum GDS/TDS: 44% (incl. heat) / 44% (calculated using the amortization chosen)
- Standard borrower requirements related to income, down payment and credit worthiness apply
Appraisal Requirements
- The insurer or lender may order an appraisal on a case-by-case basis
- If an appraisal is required, the remaining economic life of the property must be greater than the loan amortization
Portability
- Mortgage insurance is portable, allowing the insured borrower to take advantage of a lender's portability plan
The insurance premium is payable once at the time of closing. The insurance premium is not refundable and may be added onto the mortgage or paid in cash.
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