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Extended Amortizations: Up To 30 Years

In an effort to enhance affordability, and increase access to homeownership, many lenders are providing coventional mortgages with amortizations up to 30 years including (to name a few):

  • First National
  • Street Capital

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

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 on purchases and 80% on refinances. CMHC are Genworth no longer offer mortgage amortizations longer than 25 years.

* No insurance premiums are required on loan-to-values less than 80%.

Borrower Qualification

  • Maximum GDS/TDS: 42% (incl. heat) / 42% (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.