New mortgage rule for first-time homebuyers [Video]

First-time homebuyers in the Maritimes can now get a 30-year mortgage on new builds and resale homes, thanks to a new federal rule.

Halifax-based mortgage broker Bruce Lusby says the federal government’s decision to extend amortization will benefit everyone.

“By stretching the mortgage out, you can make monthly mortgage payments a little bit smaller and a little bit more manageable,” says Lusby. “I do think it’s a good thing.”

Lusby says it comes at a time when people need it the most.

“With the housing crisis and home prices going up so high, every little bit helps to allow someone looking to buy their first home, to be able to afford it,” says Lusby.

Some Maritimers approve of the decision. One Halifax woman says the new rule is a better option for people.

“It allows you more time to pay it off without having to worry about interest rates fluctuating when you have …