In simple terms, it just allows you to lower your monthly payments and also, of course, it enables you to have a little bit more buying power out in the marketplace, because you're spreading your amortization over 30 years instead of 25. It's particularly important for first-time homebuyers. Everybody has been seeing for quite a while now the challenges for first-time buyers entering the market, and it's also important to note that first-time buyers are very low risk. In fact, when you talk to the mortgage insurance companies, you'll hear that they are the best profile in terms of low risk, and it would be a great way to help first-time buyers get into the market.
On May 20th, 2021. See this statement in context.