A first-time home buyer in BC is getting a CMHC-insured mortgage to buy a resale condo. What is the maximum amortization period available to them?
Correct Answer
A) 30 years
Since December 15, 2024 insured mortgages for first-time buyers, and for buyers of newly built homes, can be amortized over up to 30 years; CMHC offers this through CMHC Home Start. Other insured purchases remain capped at 25 years, and CMHC adds a 0.20% premium surcharge beyond 25 years.
Why This Is the Correct Answer
Because the buyer is a first-time buyer, the 30-year maximum applies even though the condo is a resale.
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A repeat buyer, not a first-time home buyer, is purchasing a resale home with 10% down. What is the maximum amortization period allowed for the insured mortgage?
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A first-time home buyer is purchasing a resale home with 10% down. What is the maximum amortization period allowed for the insured mortgage?