4 ms·
> while still amortizing our mortgages over 25-30 years I thought the government eliminated the 30 year amortization?
by voisin 4y ago
> while still amortizing our mortgages over 25-30 years
I thought the government eliminated the 30 year amortization?
- chollida1 4y agoNo, any of the banks will give you a 30 year amortization. it was the longer duration mortgages they killed. There was a small windows where they allowed durations longer than 30 years but they killed those recently. Probably a very wise decision given the real estate market in Canada.
- throw0101c 4y ago> No, any of the banks will give you a 30 year amortization. A federally regulated bank may offer a 30 year ammortization if you put i ≥20% equity. Non-federally regulated institutions (e.g., provincially regulated credit unions) may offer more options too.
- BoGs83 4y agoOnly if you need CHMC insurance max is 25 years. Otherwise if you put down 20% you can have 30 years since you do not need CHMC.
- deleted 4y ago[deleted]