Longer mortgages, while they come with lower individual payments, come with a larger amount of interest to pay than a shorter term for the same amount being borrowed. /PostmediaPhoto by File

Calgarians consider longer mortgage terms for lower payments

Buyers, homeowners are considering longer amortizations to afford potential move-up purchase amid high prices, rates.

by · Calgary Herald

Going longer for a lower payment is more in vogue these days in Calgary’s pricier home market. More buyers are seeking 30-year amortization mortgages than ever despite limitations on who qualifies versus the standard 25-year amortization.

“We are doing a lot of 30-year amortizations when the customer is eligible,” says mortgage broker Matt Leggett with Ratehub.ca in Calgary.