Quote:
Originally Posted by 2ArmBands
You’ll have to pardon my ignorance. I’d like to understand what is happening here. You mean to tell me 23% of all mortgages held at TD have amortization periods over 30 years? Are you even able to get a new mortgage with amortization over 25 years? I didn’t think that was even an option. What is causing this? People are essentially not able to pay their mortgage with new rates and they have to re-amortize to that long to maintain their payment? What is the play here…. Take a 3 year term on 30 plus year amortization and hope the rates go down and amortize back down?
Just curious more than anything. I’m just a standard dude that just takes the hits/gains on a new rate every few years and just keep paying.
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If I remember the rules correctly, purchasers who make a downpayment of 20% or more can get longer amortizations such as 30 or 35 years. But CMHC backed mortgages can only go to 25 years.