In the wake of rising interest rates and inflation, Canadians are doing what they can to reduce costs. Rising rates have been especially hard on homeowners trying to manage a mortgage.
Some mortgage holders are considering prolonging their amortization period as a way to decrease their monthly mortgage payment. The longer the amortization period, the smaller the monthly mortgage payments will be. But a longer amortization schedule does have its downsides, including paying a lot more interest (and thus a lot more for your home) over the loan’s full term.
Whether or not to extend depends on just how much home you can afford right now.