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Expired October 15, 2008 - 40 Year Amortizations No longer Available

Created: 21 November 2006
Hits: 3626

October 2008 - 40 Year Amortizations are no longer available. Amortizations are to a maximum of 35 years in Canada. 

October 2006 - Genworth Financial , national mortgage insurer, has recently announced the offering of 40 year amortizations to make homeownership more affordable for Canadians. 40 year amortizations are designed to give home buyers the flexibility of reducing their monthly mortgage payments for the initial years of homeownership

40 year amortizations can reduce the number of years it takes to pay off a mortgage by utilizing the full range of available pre-payment options. The 40 year mortgage amortization period reduces a borrower’s monthly payment, enabling more buyers to afford a home of their own and increasing the choices available to them. For example, buyers could save as much as $190 per month on a $200,000 loan at 6% interest, to $1,090 from $1,280 on a 25 year mortgage.

This new program is applicable for:

  • Refinancing for repayment of debt, renovations and asset enhancing
  • Equity takeouts up to $200,000
  • Fixed, variable and adjustable rate mortgages *
  • New construction or existing properties to a maximum of 4 unit complexes where at least 1 unit is owner occupied
  • Home purchases

About Genworth

Genworth Financial Canada , formerly GE Mortgage Insurance Canada is the country's only private sector supplier of mortgage default insurance. Together with related affiliates, Genworth is the largest private sector mortgage default insurance company in the world.

What They Do

For the past 10 years Genworth Financial has been helping Canadians realize the dream of buying a home. Mortgage default insurance helps home buyers buy a home with little (less than 25%) or even no down payment . It also helps current homeowners upsize their home - or renovate their existing home - at less cost.