Equitable Bank unveils 40-year amortization mortgage (ON, BC, AB) (www.canadianmortgagetrends.com)

submitted 2 years ago* (last edited 2 years ago) by [email protected] to c/[email protected]

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[-] [email protected] 2 points 2 years ago

The higher rates more than negate any benefit to monthly payments of extending the amortization. I have no idea why someone would choose this.

[-] [email protected] 2 points 2 years ago

The only reason I can see is that the mortgage isn't funded by Equitable Bank but by a third-party lender. So I wonder if this is a way to circumvent the lending ratios on mortgages, which would allow people to qualify for higher amounts despite the higher interest rate.

this post was submitted on 24 Oct 2023

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