JULY 9, 2012 Changes in EFFECT - Get Your Pre-approval Done NOW.
Changes are from 30 to 25 year Amortization for Non-Traditional Financing.
If you are putting more than 20% down, you can still qualify for a 30 Year Amortization.
"Reducing the amortization period will increase monthly payments, but reduce
the amount of total interest paid on a mortgage. Ottawa expects the change from a
30-year to 25-year amortization will, on a $350,000 mortgage loan at four per cent,
increase the monthly payment $177 but reduce total interest costs by nearly $47,000."
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