Homeowners hit with 90-year mortgages as interest rates surge

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2023-08-14 01:15:32 - Translate -

Mortgage experts say they've recently seen amortization periods—the length of time it takes to pay off a mortgage in full—in Canada go as high as 60, 70 and even 90 years for homeowners who have variable-rate loans, but fixed monthly payments. Ratehub's calculations shows that the total interest paid by a borrower with a 25-year mortgage costs $448,196, compared to the $2,124,469 that a borrower with a 90-year mortgage would have to pay.
https://www.newsweek.com/homeowners-90-year-mortgage-interest-rates-surge-1812868

Mortgage experts say they've recently seen amortization periods—the length of time it takes to pay off a mortgage in full—in Canada go as high as 60, 70 and even 90 years for homeowners who have variable-rate loans, but fixed monthly payments. Ratehub's calculations shows that the total interest paid by a borrower with a 25-year mortgage costs $448,196, compared to the $2,124,469 that a borrower with a 90-year mortgage would have to pay. https://www.newsweek.com/homeowners-90-year-mortgage-interest-rates-surge-1812868

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Homeowners hit with 90-year mortgages as interest rates surge

Payments made by borrowers with a variable-rate, fixed-payment mortgage are going more towards interest than the loan, meaning longer amortization periods.

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