Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

What's with the 50-year mortgage everyone is talking about?

The 50-year mortgage getting attention is a US product, not a Canadian one. CMHC caps insured mortgage amortization at 25 years, and even uninsured Canadian mortgages with 20 percent or more down typically max out at 30 years, so a 50-year term is not something a Saskatoon lender offers.

A longer amortization lowers the monthly payment but stretches out how long you pay interest, which is the tradeoff behind why regulators cap it here rather than leaving it open-ended.

If your goal is a lower monthly payment on a Saskatoon purchase, the tools available are a larger down payment, a 30-year amortization where you qualify for uninsured financing, or comparing rates across lenders, not a longer term that does not exist in this market.

A mortgage broker can walk through which of those actually moves your payment the most for your situation. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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