20% of home buyers are taking out 35-year mortgages according to Genworth Financial. (Source: Toronto Star, Story Link)
Expect the trend towards mortgages with less down and longer terms to strengthen notably in Canada, as it has in the U.S.
Note however: If you get one of these products, MAKE SURE you are disciplined enough to pay down principle as soon as you can.
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Last modified: October 17, 2006
It’s funny how it takes years for U.S. financial products to catch on in Canada. People would have been buying interest-only and 30 year mortgages 5 years ago had they been available in Canada.