The Canadian government recently implemented a new 30-year amortization plan for insured mortgages, which took effect on August 1.
In a recent interview with The Market Online, Michael Succurro, CEO of Fluent Capital Management and co-founder and president of Spark Financial Group, discussed the implications of this change. Succurro explained that individuals purchasing properties under a million dollars, particularly first-time homebuyers, can now make down payments ranging from 5 to 99 percent. The extended amortization period from 25 to 30 years allows for greater flexibility in payment schedules, ultimately reducing costs for buyers.
To learn more about eligibility requirements and restrictions for this new mortgage plan, viewers can watch the accompanying video featuring Succurro. Stay informed on the latest stock market news by visiting Stockhouse.com.
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