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Extended Homeowner Amortization Periods
Anticipating the needs of Canadians, earlier this year CMHC introduced to the marketplace extended amortization periods of up to 40 years for purchase transactions through a pilot product. The pilot was a great success and has helped improve access for a significant number of Canadians by lowering monthly payments. Accordingly, CMHC is pleased to announce that its 40 year flexible amortization offer is now an ongoing product offering.
Building on the success of the pilot, CMHC is also pleased to introduce extended amortization periods of up to 45 years. Extended amortization flexibilities are available on homeowner purchase and refinance transactions (excluding Line of Credit) and can be combined with our Flex Down product.
Genworth financial also offers 40 amortizations on their insured mortgages.
Most lenders now offer 35 year amortizations on all mortgages and couple of lenders will allow 40 year amortizations on all mortgages.
Please contact a mortgage broker with MyMortgageBC.com for more information. |
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