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Mortgage Tips by Jerry Sims


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Blog by John Jennings | August 24th, 2012


The Scoop on Amortizations..…with 20% Down

When the government cut maximum amortizations for insured mortgages in 2008 and 2011, most big lenders reduced amortizations on all of their mortgages including the uninsured ones even though they didn’t have to.

This last set of government imposed rules saw a different reaction and most lenders are allowing longer amortizations as long as you have a minimum of 20% down. When the Department of Finance lowered the insured amortization limit to 25 years on July 9, most lenders left their conventional amortizations at 30-35 years.

Even the major banks have left 30-year amortizations in place, which surprised a lot of people.

Here is a list of amortization maximums 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
  • Laurentian Bank
  • Vancity

MAXIMUM: 30 YEARS

  • BMO
  • CIBC
  • First National
  • Home Trust
  • Manulife Bank
  • MCAP
  • Merix Financial
  • National Bank
  • RBC
  • Scotiabank
  • Street Capital
  • TD

MAXIMUM: 25 YEARS

  • Desjardins
  • ING Direct

Please feel free to contact me if you have any questions regarding amortizations or mortgages in general.

Jerry Sims Mortgage Broker 

Jerry Sims, AMP
Mortgage Consultant
Verico Ambro & Associates Mortgage Consultants Ltd.
c 604.808.3420
f 604.924.8178 
jerrysims@shaw.ca
www.aamc.ca/about.php?id=10