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 […]

Down Payment Guidelines

In addition to understanding what you can afford to pay on an ongoing basis which I’ll cover in another post, it’s critical when searching for a mortgage to determine what your down payment will be.  Where the down payment comes from is an important aspect of this as well. Mortgage lenders with competitive rates will […]