Quote:
Originally Posted by tom2021
In Canada, we only can get mortgage rate fixed for maximum 5 years.
The mortgage is amortized for 25 years and the term is renew every 5 years.
Off course, there are variants of amortization years, variable rate, 1 to 5 years fixed rate.
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In Canada you can get fixed mortgage terms anywhere from 6 months to 10 years.
And amortizations can be up to 40 years - if you qualify. You are limited to 25 year amortization if your mortgage is insured by CMHC (less than 20% down payment).