A Summary of Amortizations…

With the recent changes in mortgage rules, here is a great blog from Canadianmortgagetrends.com about the maximum amortization you can access from various lenders.  For the full blog, please click here.

 Long Amortizations Survive…With 20% Down

When the government cut maximum amortizations in 2008 and 2011, most big lenders reduced amortizations on all of their mortgages.

They didn’t need to apply the changes to uninsured mortgages, but many did anyway.

Not this time.

When the Department of Finance trimmed the insured amortization limit to 25 years on July 9, most lenders left their conventional mortgage amortizations at 30-35 years.

Even the major banks have left 30-year amortizations in place, which surprised many of us in the business.

In any event, what follows is a current list of amortization policies from some of the country’s largest lenders.

These are the longest available amortizations at each lender, assuming you’re getting a prime mortgage and putting down 20% or more.

MAXIMUM: 35 YEARS

  • B2B Bank
  • Coast Capital (B.C. only)
  • Laurentian Bank
  • Moncana Bank
  • RMG Mortgages
  • Vancity (B.C. only)

MAXIMUM: 30 YEARS

  • ATB Financial (AB only)*
  • BMO
  • CIBC
  • First National
  • Home Trust
  • ICICI Bank
  • Industrial Alliance
  • Manulife Bank
  • MCAP
  • Meridian Credit Union (ON only)
  • Merix Financial
  • National Bank
  • RBC
  • Scotiabank
  • Servus Credit Union (AB only)
  • Street Capital
  • TD

MAXIMUM: 25 YEARS

  • Desjardins
  • ING Direct

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