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Extended Amortization

ING DIRECT offers Extended Amortizations on conventional mortgages up to 35 years and 30 years for high ratio mortgages .

High Ratio Extended Amortization mortgages are insured by Genworth Financial or CMHC. Premiums are the same between CMHC and Genworth except that:

  • Genworth waives the extended amortization surcharge under the Energy Efficient Housing Program
  • CMHC charges an additional 0.50% surcharge for blended amortizations on refinances and ports
  • Genworth charges an additional 0.20% for every 5 year period above 25 years on the existing mortgage balance when a top-up is done on a 25 year or less amortized mortgage

Premiums

Full Premiums Traditional Amortizations Extended Amortizations
Loan-to-Value (LTV) Ratio up to 25 years up to 30 years
90.01 to 95% 2.75% 2.95%
85.01 to 90% 2.00% 2.20%
80.01 to 85% 1.75% 1.95%
75.01 to 80% 1.00% 1.20%
65.01 to 75% 0.65% 0.85%
< 65% 0.50% 0.70%

Premiums for Extended Amortizations increase in increments of 0.20% per threshold.

 
Top Up Premiums Traditional Amortizations Extended Amortizations
Loan-to-Value (LTV) Ratio up to 25 years up to 30 years
90.01 to 95% n/a n/a
85.01 to 90% 4.25% 4.45%
80.01 to 85% 3.50% 3.70%
75.01 to 80% 2.75% 2.95%
65.01 to 75% 2.25% 2.45%
<65% 0.05% 0.25%

Premiums for Extended Amortizations increase in increments of 0.20% per threshold.

The above terms, rates and conditions are subject to change without notice. All residential mortgage features apply.

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