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Mortgages • Real Estate • 28 October 2023

Prominent Bank Introduces 40-Year Mortgage Amortization

by Rod Friesen

The bank is offering an extended amortization period beyond the typical 25 or 30 years. This move aims to reduce monthly payments, making it easier to own a home or invest in properties given the current economic conditions.

This offering is not just for standard home purchases and refinancing but also caters to rental properties and investor portfolios.

To start, it will be accessible in British Columbia, Alberta, and Ontario. Expansion plans will depend on its success and market needs.

Options include 1–5-year fixed terms.

Please note, a down payment of at least 25% of the purchase price is mandatory to be eligible.

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