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𝐀𝐦𝐨𝐫𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧 Y

𝐀𝐦𝐨𝐫𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧
Your mortgage amortization period is the number of years it will take you to pay off your mortgage. Depending on your choice of amortization period, it will affect how quickly you become mortgage-free as well as how much interest you pay over the lifetime of your mortgage (a longer lifetime equals more interest, whereas a shorter lifetime equals less interest but also bigger payments).

⏰ Benefits of a Shorter Amortization
Choosing a shorter amortization period reduces the overall interest you pay over the life of your mortgage, allows you to become mortgage-free sooner, and provides earlier access to your home equity. However, this option also means higher monthly payments. If you have an irregular income, are at the limit of your monthly budget, or this is your first home, a shorter amortization period may not be advantageous as it ties up more of your cash flow in mortgage payments.

Every situation is unique, but I am happy to help with the decision for the amortization that best suits your needs and ensures you have adequate cash flow. However, It is important to mention that you are not stuck with the amortization schedule you choose at the time you get your mortgage You can shorten or lengthen your amortization, as well as consider making extra payments on your mortgage (if you set up pre-payment options), at a later date

Ideally, you are re-evaluating your mortgage at renewal time (every 1-5 years, depending on your mortgage product) During renewal is a great time to review your amortization and payment schedules or make changes if they are no longer working for you.

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Wishing everyone a safe and happy long weekend!☀

Wishing everyone a safe and happy long weekend!☀️

𝐃𝐢𝐝 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰? - With

𝐃𝐢𝐝 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰? - With a Reverse Mortgage you can enjoy your home without financial worry during retirement.

Have questions? Give us a call!
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📩 team@vmtmortgages.com

Do you have questions on your mortgage?
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☎️ 905-623-9738
📩 team@vmtmortgages.com

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