First-time home buyers can now use a 30-year amortization period to qualify for their mortgage on brand-new construction homes as of August 1, 2024.

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.