35 and 40 Year Mortgages - Recent Updates by Vancouver Mortgage Broker Rowan Smith

35 and 40 Year Mortgages - Recent Updates by Vancouver Mortgage Broker Rowan Smith. This 30 Year Old Couple Paid Off Their 30 Year Mortgage in Just 6 1/2 Years!!!

35 and 40 Year Mortgages - Recent Updates by Vancouver Mortgage Broker Rowan Smith video duration 1 Minute(s) 52 Second(s), published by Canada Mortgage on 30 09 2011 - 07:16:34.

http://mortgagelocator.ca/ In this video I look at changes that have occured in the last year regarding 35 and 40 year amortized mortgages
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http://mortgagelocator.ca/\r
In this video I look at changes that have occured in the last year regarding 35 and 40 year amortized mortgages. Yes, they are still available, but only under certain circumstances.\r
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Hi, everybody. It's Rowan Smith from the Mortgage Center. It's been a while since my last post and I wanted to provide an update on a couple of things that I get constant questions about in our market place.\r
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Back in April when the changes the government handed down took effect it got rid of what most people thought would be all of the 35 and 40 year amortizations. So the question is, is a 35 or 40 year amortization still available? Short answer, yes. Now, the longer answer is a little more complicated.\r
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For example, who is it that offers that? Well, if you're dealing with TD Canada Trust, Scotiabank or one of the large chartered banks, they're not going to be able to offer you an amortization of 35 to 40 years. There are a couple of credit unions that will do it and there's a lot of non banks, for instance, broker channel lenders they will also do a 35 or even a 40 year amortization.\r
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So, what's the criteria? First, you need 20 percent down. The reason for this is, a bank, once they put 20 percent down, cuts CMHC or mortgage insure out of the equation for most part. In that circumstance they can take on as much risk as they want, more they can offer, whatever product they want, because the government isn't involved in that transaction any longer.\r
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So, if you want to get a 40 year amortization or a 35 year amortization you can do so if you have 20 percent down.\r
Now, why would you do that? You could be in your fifties thinking, \