Say goodbye to 30 year mortgages starting July 9, 2012

If you are a buyer and are planning on keeping your payments lower with a 30 year amortization, you need to buy fast.  Starting next month, the maximum amortization period you can take on your CMHC insured mortgage will be 25 years.  What does this mean?  It means your payback period for your mortgage is shorter, meaning you pay less in interest over the life of your mortgage, but it means your payments will be higher per month.  For every $100,000 in mortgage you have, your payments will increase $53/mth based on a 5 year rate of 3.19%, but it will save you $10,246 of the lifetime of your mortgage.  Read more here...