Thirty years of amortization lowers the payment by about 8% compared with twenty-five, and adds tens of thousands in interest. Who qualifies, and when it’s worth it.
A comparison only works if the assumptions match: same amount, same term, same amortization. Change one and the cheaper option can flip. That’s how most bad comparisons happen.
What you give up
One option tends to be cheaper but stiffer, the other looser but pricier. The winner depends on how likely you are to move, prepay or break the term early.
Look at what you actually pay
The monthly payment, the fees, the penalty to get out, the conditions that outlive the signing. A rate on its own tells you very little.
Documents to gather
What the lender will ask for.
What the file is for
Income and paperwork
Debts and credit
The property or security
Your timeline
Which lenders fit
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Ready before the offer, they make a five-day financing condition workable. Ready after, they add weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
