Many homeowners are struggling with high mortgage rates and are considering longer amortization periods, such as 30 years, to lower monthly payments. In Canada, the standard amortization is typically 25 years, but uninsured mortgages can extend to 30 years. While this option offers lower payments and flexibility, it also means higher overall interest costs and longer repayment periods. Homeowners must have at least a 20% down payment to qualify for a 30-year mortgage with prime lenders, and alternative lenders may have different requirements.
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