Thursday, May 25, 2006
Novelty of a 30 year mortgage in Canada
While some Americans may refer to Canada as the 51st state, in the mortgage industry the American's hardly have anything in common with our northern neighbor. This article mentions that 30 year mortgages are quite uncommon and from what I understand, 5 and 7 year mortgages are much more common. Unlike the US, Canadian banks cannot resell mortgages and simply service the loan, like it is done in the US. So while the Americans are testing out those 40 and 50 year loans, the Canadians are testing out 30 year loans.
