January 14, 2012
Reaction to BMO’s 2.99% Fixed 5 Year Mortgage
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30 or 35 year amortization ? You said 35 year amortization! ( 1:08 time in) The 35 year amortization mortgage is no longer available, and has not been for almost a full year. (Makes your knowledge base look bad).
I should further mention…
The maximum amortization period for a government-insured mortgage was lowered from 35 to 30 years.
Its incredibly unlikely, any institution would had out any mortgage over 30 years based on Flaherty’s doings a year ago.
Hi Mike that is a common misconception that 35 year amortizations aren’t available anymore… in fact for non insured mortgages (mortgages that don’t exceed 80% loan to value) some lenders still offer 40 year amortizations. You are right in stating that 30 years is the maximum for a high ratio insured mortgage. To be clear, the BMO offer is restricted to only 25 years irrespective of whether the mortgage is insured or not.