Canada First Mortgage - Calgary Alberta

Mortgage Amortizations in Canada

INSURED MORTGAGES

Traditionally, If you have an insured mortgage (less than 20% down /or/ equity), then you will require mortgage insurance through CMHC, Genworth, or Canada Guarantee (the newest mortgage insurer to enter into Canada). Within the walls of these insurers, you will find the option to pick and choose how long you would like the life of the loan to be. In Canada today, for insured mortgages, you have the option to maximize your amortization period up to 25 years. 

On this page, you will see the table for the premium’s that get added onto the total mortgage amount.

Standard Premium Rate Table
LTV Ratio
Premium Rate
Top-Up Premium Rate
Up to 65%
0.60%
0.60%
65.01 - 75%
0.75%
2.60%
75.01 - 80%
1.25%
3.15%
80.01 - 85%
1.80%
4.00%
85.01 - 90%
2.40%
4.90%
90.01 - 95%
3.60%
5.65%
 

There is benefit to extend your amortization up to 25 years. Not only does it allow you to qualify for "more home" (which is good in today's housing market), but it also brings your monthly payments down. 

If you think signing onto a 25 year amortization period is daunting and intimidating, you're not alone. But consider this - with the ability to pre-pay your mortgage up to 20% of your regular monthly payments every month, or lump summing up to 20% of original principle amount every calendar year, your 25 year amortization is quickly reduced to reflect more like a 20 year amortization period…and in a lot of cases, LESS than 20 years.

CONVENTIONAL MORTGAGES

Conventional mortgages are mortgages that have equal to, or greater than 20% down - or equity in your home.

Did you know that you can still amortize your conventional mortgage up to 35 years? True! There are some lenders on the market that will still provide 35 year amortization periods. Contact us to get more information!

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Canadian Mortgage Experts - Canada First
Dan & Stacey Mass
Calgary, Alberta
Direct: 403-650-6596
Fax: 1-866-377-4410
Email: info@canadafirstmortgage.com

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