Today we’re going to talk about the 35 year amortization; the end of it and where you might be able to still find it. March 18th is officially the end of the 35 year amortization. For those who have watched our previous blogs, this is for people who have less than 20% downpayment, you will now be unable to get a 35 year amortization. This means you might not be able to qualify for a large of a mortgage as you wanted which results in purchase price that is now smaller than what you originally thought. You might also be paying more every month for your mortgage than you originally budgeted so it might impact you quite severely.
For those of you who still want a 35 year amortization, if you got more than a 20% downpayment, it is still available if you know where to look. Most the large banks have already said they will not have 35 year amortization, but some non-bank lenders and financial institutions still have it available. It may be in your best interest to still look for one because it may help you cash flow your mortgage and your property better. With a little more downpayment you might be able to qualify for a larger mortgage and the benefits go on from there.
Definitely talk to your mortgage broker about this and decide if it’s really right for you and if you don’t know who to talk to call us here at Finder Financial Services and we’ll be able to help you out.