Extended Amortization

MMG Mortgages does have select Lenders who will allow extended amortizations on your mortgage financing.

The maximum allowable amortization for a high ratio mortgage (i.e.: less then 20% down payment) is 25 years.

For conventional mortgages (ie: 20% down or more), you could have the ability to request a longer amortization. The typical would be 30 years however we do have acess to a few lenders who will still offer 35-year amortizations on select conventional mortgage files.

This can help to reduce your monthly payments, limit your exposure and also lend to a higher qualifying amount for a new mortgage approval. Banks will often surcharge the interest rate slightly, when offering an extended amortization.