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Why would You Want a 35 Year Mortgage Amortization?

Granted 35 years is a long amortization, however this mortgage option is especially good for first-time homebuyers trying to get into the market. Another great opportunity for a longer mortgage amortization would be for purchasing investment or recreational property.

If you are planning on keeping the property over the long term, a longer amortization could be of benefit by keeping the mortgage payments low enough to be covered by rental income or more affordable if a rec property. The longer mortgage amortization gives the lowest possible payment while building equity over time. For families looking to purchase and pass on a cottage through many generations for example, this is a very viable option. I do not promote larger unnecessary debt however if a buyers wants to increate their price range or get into the market where they otherwise may have not been able to, I say, better to own a home than not. Find out how mortgage amortizations effect your payments. Call our team 1-800-687-9020 toll free