Equitable Bank unveils 40-year amortization mortgage (ON, BC, AB) (www.canadianmortgagetrends.com)

submitted 11 months ago* (last edited 11 months ago) by [email protected] to c/[email protected]

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[-] [email protected] 3 points 10 months ago* (last edited 10 months ago)

Why did you increase the interest rate to 9% for your 40 year calculation?

Edit: oh, in the article it says they expect rates to be in the 9% range.

I agree with the other commenter. With the higher rate and no benefit of the longer amortization period, this is insane. Doesn't do anything to help people trying to afford a mortgage.

[-] [email protected] 1 points 10 months ago

Yes... With current rates below 6% and going as low as 5.4%, the difference is even higher.

this post was submitted on 24 Oct 2023

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