Last year in March the the chartered banks and CMHC stopped providing 35 year mortgages but that does not mean you can't still get one. If you have 20% down and are banking at a credit union many of them will still offer a 35 year amortization period.
CMHC will no longer has a Zero down program but if your credit score and income are really good there are banks that will lend you the downpayment to make it effectively Zero down payment or they will provide a "cash back" on the mortgage that can be used toward the down payment.
There has been talk of increasing the minimum down to 7% and/or making the maximum amortization 25 years but at this time prime rate remains stable at 3% with term variable rate mortgages at 2.8%
A $300,000 mortgage at 2.8% for 30 years is $1230 month. Fixed term mortgages are available below 3.5% with some places offering as low as 3.19% for a 5 year fixed.
For more details we can put you in touch with a quality mortgage broker.
The Pearce Team
Let's discuss your next home sale or purchase, with no obligation.
11933 - 224th Street, Maple Ridge, B.C. V2X 6B2
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