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?”
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!