Long Amortizations Survive…With 20% Down
When the government cut maximum amortizations in 2008 and 2011, most big lenders reduced amortizations on all of their mortgages.
They didn’t need to apply the changes to uninsured mortgages, but many did anyway.
Not this time.
When the Department of Finance trimmed the insured amortization limit to 25 years on July 9, most lenders left their conventional mortgage amortizations at 30-35 years.
Even the major banks have left 30-year amortizations in place, which surprised many of us in the business.