Extended Amortization Periods: As of December 15, 2024, eligibility for 30-year amortization periods has been expanded. All first-time homebuyers can now access 30-year amortizations, regardless of whether the property is a new build or resale.

Additionally, purchasers of newly constructed homes, regardless of their prior homeownership status, are also eligible for 30-year amortizations. Previously, this option was only available to first-time buyers of new builds.

Click below to watch a quick video to learn how in Finmo:

1. Open your deal in Finmo.

2. Navigate to the payment details section in the calculator.

3. Enter the purchase price for the new build.

4. Calculate the minimum down payment, the insurance premium amount will display.

5. Adjust the premium amount by adding 0.2% to the current CMHC premium.

6. Save your changes, and the new premium will be recalculated.

Should you have any questions please click on the chat bubble.