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Posted 1 Comment on Why Everyone Should Choose The Longest Amortization Possible Bank News

Why Everyone Should Choose The Longest Amortization Possible

One of the most common requests I get when discussing mortgage options with my clients is that they want the shortest amortization they can afford. They want to pay their mortgage off as soon as possible.  I get it! And then I hit them with an unexpected recommendation. I tell them to take the longest amortization possible. Sounds contradictory?  I’ll explain.

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Posted Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 1 of 4

Canada’s mortgage lending rules and policies are broken.  They just don’t work.  And the more our Federal government tries to help, the worse it gets.  Message to the government… STOP TRYING TO HELP!.. CAUSE YOU AREN’T! 

And if you think the interest rate cuts will solve all of this, guess again. There’s a lot more to it.

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Posted Bank News

New $1.5 million price cap, 30 year extended amortization.. Is it enough?

The Federal Government announced they would be extending the current amortization on insured mortgages (those buying with less than 20% down) to 30 years.  ONLY if you are a First-time buyer or you are buying a newly built home. I applaud this move but I would have liked for these 2 limitations to have been excluded. 

I would go further and say we should extend it to 35 or 40 years, maybe even 50 years!

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