Mortgage News

Hello There
Just thought I would update with the latest news from a couple of the lenders.
Genworth (GE) is now doing a 40 yr amortization.. Firstline Mortgages (CIBC's sister company) is now participating in it. The rest of the lenders will probably follow suite soon.
Res Mor Trust is also participating in a 35 yr amortization with GE along with also qualifying a client with a much higher debt servicing of 44%.
For example a client who earns $60,000 per yr and could previously purchase for $235,000 with 5% down ($13,750) Payments on a 25 yr am to be $1360.00
Now with the new program can go as high as approximately $380,000 with 5% ($19.000). That is based on a 5yr At 5.25% and taxes $1300 net and MF of $200. Payment would be $1929.24.
That is $150,000 more mortgage to qualify on than on a 25 yr am!!
Firstline is working on the same 44% as ResMor  with a 4o yr am so it will push it higher.
The insurance fees are a little higher. For the 40yr with 5% it is 3.35% instead of 2.75%.
Call anytime with questions
Cheers