If you're in the market for a mortgage, you may be surprised to find out that there’s such a thing as a 40-year mortgage in Canada. So what exactly is a 40-year mortgage? How does it differ from other amortizations? And is it a good idea to opt for such a lengthy mortgage? In this article, we'll answer these questions and more.What You Should KnowA 40-year mortgage has a longer repayment period than other mortgages, resulting in lower monthly payments.People may choose to get a 40-year mortgage for lower monthly payments, improved cash flow, and increased flexibility in their budget.To get a 40-year mortgage, borrowers must make a minimum down payment of at least 20% and must turn to an alternative lender, such as a private mortgage lender or Equitable Bank.Lengthening your amortization period might not always decrease your monthly payment, if the interest rate for the extended amortization mortgage is higher.Best 5-Year Fixed Mortgage Rates in Canada Mortgage Term:1-Yr2-Yr3-Yr4-Yr5-Yr...
