Monday Mailbag – 25 or 30 Year Amortization

Dec 3, 2018

Welcome to Today’s Monday Mailbag!

Hey, everybody! I’m Brian Hogben with Mission35 and today’s Monday Mailbag is “Why is it that some mortgages have a 25-year or a 30-year amortization?”

Great question!

When you put down less than 20% on a residential mortgage, it’s considered insured. When a mortgage is insured through Canada Mortgage and Housing, Genworth or Canada Guaranty, it can only have up to a 25-year amortization.

When you have more than 20% down, some lenders will offer you a 30-year or greater amortization.

Great question – make this a fabulous day!

Give us a call today if you have any questions about loan amortization or mortgage insurance, or you can check out our YouTube channel for more helpful mortgage tips!