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40 YEAR AMORTIZATION
You can minimize your monthly mortgage payments by extending your amortization up to 40 years.
Normally I don’t recommend extending your amortization beyond the traditional 25 year amortization but 30, 35 and 40 year amortization can enhance home affordability and increase your access to a larger home.
For example:
If you are currently paying $950 per month in rent to your landlord and you want to buy your first home but really can’t afford to spend more than $950 on mortgage payment then your $950 payment would get you $163,341.10 mortgage at 5% with 25 year amortization.
However, if you requested 40 year amortization then your $950 mortgage payment at 5% will service $198,411.11 dollar mortgage and therefore you could purchase a larger home sooner.
or…
$198,411.11 at 5% and 25 year amortization would cost you $1,153.97 per month but if you change your amortization to 40 years then you’ll pay only $950 per month.
Premium rates
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LTV ratio
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Premium Rate
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Up to 65%
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1.10%
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65.01% - 75%
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1.25%
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75.01% - 80%
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1.60%
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80.01% - 85%
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2.35%
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85.01% - 90%
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2.60%
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90.01% - 95%
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3.35%
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95.01% - 97%
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3.50%
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97.01% - 100%
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3.70%
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GDS/TDS Guidelines
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Bureau Score
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GDS
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TDS
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680+
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No limit
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44%
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Up to 679
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35%
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42%
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SELECT A PROFESSIONAL...
Get Approved Using My Proven Services...
... in Less Than a Day!
APPLY ONLINE IN LESS THAN 10 MINUTES
If you answered "YES" and you want to take advantage of my proven mortgage services -- HERE ARE THREE EASY WAYS FOR YOU TO GET STARTED:
- CLICK HERE TO APPLY ON-LINE ON MY SECURE SERVER
Remember... there are NO upfront costs and NO obligations. If you are not satisfied with my work then you can cancel at anytime!
- CLICK HERE TO PRINT & FAX APPLICATION
The online application is securer but if you prefer faxing it then print my 'printable' application form and fax it to me toll free to 1-888-416-4096
- MAIL YOUR APPLICATION
If you prefer using "SNAIL MAIL" then mail the 'printable' application to the following address: VERICO Mortgage Network London Inc. Attn: Joe Malek, AMP... 321 Springbank Drive, London, Ontario, N6J 1G6
For faster service please use online application. Your request will get a top priority and you could receive your approval in less than a day!
Sincerely,
Joe Malek, AMP
Your Mortgage Agent (Lic.# M08004649)
Accredited Mortgage Professional and Debt Consolidation Expert!
P.S. That's all it's to it... no running around... no time consuming appointments... no office visits... and the lowest rates around!
P.P.S. Don't forget to
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VERICO Network is the fastest growing mortgage organization in Canada. Since 2005 the network has grown to over 150 locations throughout Canada that employ over 1,000 agents who collectively originate in excess of $7 Billion in mortgage loan volume.
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