!! 40 YEARS AMORTIZATION !!✅

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A leading Bank has announced that, in partnership with a third-party lender, it is introducing a new 40-year amortization mortgage product.

This Canada’s seventh-largest bank, which provides both prime and alternative lending options, made the exclusive announcement.

By extending the amortization period beyond the standard 25 or 30 years, the bank seeks to lower monthly payment obligations, making home ownership or investment in properties more accessible amidst the current economic and affordability challenges.

As part of the funding structure for this product, Bank has partnered with a third-party lender, meaning Bsnk will not take on any credit or default risk as the loans won’t appear on its balance sheet.

In essence, Bank will act as the originator and service provider to its funding partner, providing the underwriting, closing and servicing over the life cycle of the loans.

Here’s what we know about the product:

Product Availability

The product will cater not only to regular owner-occupied purchases and refinances, but also to rental properties and investor portfolios

Initially, it will be available in British Columbia, Alberta and Ontario, with a vision for expansion based on its success and market demand

Specific target markets will be based on where there is high demand and where it is likely to benefit clients the most

Launch date ??? Stay Connected 

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