Effective August 1, 2024. the government will allow insured 30-year mortgage amortizations for first-time home buyers purchasing newly built homes. Insured mortgages only apply to homes worth less than $1,000,000, where the borrower makes a less than 20% down payment.

If you need to simulate scenarios to see the new rule's impact,  we have equipped three tools with a mechanism to switch to the new rules.

 

The purchase calculator has a new menu. Tap the insurance amount to view the new menu and enable the new FTHB rules.

 

The compare tool has a new menu for Mortgage Insurance. Expand the mortgage options, tap the insurance amount to access the new menu, and enable the new FTHB rules.

 

You can enable the new insured FTHB rules in the "Qualification" tab. This option is only available in PREQ V2 for PRO users.

 

The three mortgage insurers in Canada are CMHC, Canada Guarantee (CG), and Sagen. As of May 30, 2024, only one of the three insurers has released their 30-year insurance premiums. If you enabled the new FTHB rules in your app, it would use the new premiums provided by CG for 30-year amortization. 

We will update the app as new insurers release their premiums.

 

• Since some lenders offer semi-annually compounded variable rates, your app no longer automatically switches compounding to monthly when you switch rate type to Variable.
• You'll notice that the web login works much faster as it skips the initial screen when you previously used it in Settings. You can also now copy the Web Dashboard URL by tapping on it.