30 Year Insured Mortgages Available for Limited Time

Canada Mortgage and Housing Corporation (CMHC) will be offering homeowner mortgage loans amortized up to 30 years as part of a pilot project to improve access to home ownership and choice for Canadians.

“The availability of extended amortization periods will improve access to home ownership for Canadians by lowering monthly principal and interest costs,” said Karen Kinsley, President of CMHC.

The four-month pilot, which begins March 3 and runs until the end of June 2006, presently avalible through FirstLine Mortgages, a division of CIBC Mortgages Inc., will also be available through any other lenders who wish to participate in the pilot. CMHC will assess the pilot results and then determine whether
this will be a permanent program.

Generally, 25 years has been the maximum amortization period permitted for CMHC-insured mortgages.

For more information, visit Mortgage Information found in the Resources section of this site, or visit www.cmhc.ca.