Is it possible to repay a mortgage over a period longer than 25 years?

With a down payment of at least 20% of the purchase price, you can pay off a mortgage over a period of more than 25 years. As of December 15, all first-time and new home buyers will now be able to amortize their mortgage over 30 years.

Is a 30-year mortgage a good idea?

Taking out a 30-year mortgage increases your borrowing capacity and reduces your monthly payments. However, repaying your mortgage over a longer period will increase the total interest paid over the life of your mortgage.

What is the interest rate on a 30-year mortgage?

In Canada, you can obtain a mortgage with a 30-year amortization based on eligibility criteria. However, the interest rate varies according to the type of mortgage (e.g. fixed or variable), the loan term (e.g. 30 years), the term chosen (e.g. 5 years) and your financial situation (debt ratio, credit rating, etc.). To compare banks' mortgage rates, try our mortgage rate comparator.