Re:Maybe Americans aren't dumb enough to keep buying houses?
by gonepostal on Saturday May 14, 2011 @06:42PM
(#2548741)
There are longer then 3-5 year mortgage terms in Canada. I believe up to 15 years is commonly offered.
Amortization length of a mortgage can be up to 35 years for residential mortgages. 35 year amortizations were only eliminated for CMHC/insured mortgages.
I would contend that the system is more stable when borrowers are forced to consider the consequences of future interest rate increases.
Amortization length of a mortgage can be up to 35 years for residential mortgages. 35 year amortizations were only eliminated for CMHC/insured mortgages.
I would contend that the system is more stable when borrowers are forced to consider the consequences of future interest rate increases.