Banks Move To 30-year Conventional Amortizations

BMO, Laurentian Bank, Scotiabank and TD have all confirmed that, effective March 18, they will restrict both high- and low-ratio mortgages to 30-year maximum amortizations(even though the government’s new rules only require that high-ratio amortizations be limited to 30 years).

CIBC and ING Direct haven’t issued a verdict yet, and as for RBC, it too says, “We have not made a final decision on whether we will offer 35-year amortizations on conventional mortgages.”

Beyond the traditional big banks, mortgage lenders like MCAP, Canada’s largest independent mortgage company, continue to allow 35 year amortizations on conventional mortgages for responsible clients.