Need more monthly cash flow?
For good credit clients who want lower monthly payments, introducing our Extended Mortgage with up to a 40-year amortization — one of the longest in Canada through a prime lender.
Can you get a 40-year mortgage with a prime lender (traditional lender) in Canada? Yes, right here at True North. Our Extended Mortgage offers more time on your loan, beyond the standard 25-year mortgage.
By extending the mortgage amortization (aka loan length), lower monthly payments can free up cash each month or improve income qualifying ratios.
Suitable for first-time and next-home buyers, rental property owners, or those refinancing who want more budget room to save, spend or invest, this product offers great rates, plus generous pre-payment privileges for future flexibility to catch up on paying down.
Read on for more qualifying details.
Get up to a 40-year amortization — one of the longest in Canada and not commonly available through a prime lender. Our Extended Mortgage offers competitive rates, premium features, and no setup or hidden fees.
You'll get lower mortgage payments for when you need to stretch the field to own or keep your home, access extra monthly cash, or if you're starting a high-earning professional career, like a doctor or a lawyer, and want to take advantage of your future purchasing power now.
Our Extended Mortgage is only available through a True North Mortgage broker.
You can find an expert broker in your preferred language here, or easily apply online, over the phone, by email, or by dropping into a store location near you.
Is a 40-year mortgage right for you? Read more here: Need more time on your mortgage?
Looking for our standard fixed-rate mortgages? See our best-in-Canada rates here.
Need a 40-year mortgage with extended income ratios? Learn more about our alternative product, which offers more flexible approval criteria.
Get a rough comparison between a standard and extended amortization in our Extended Amortization Comparison Calculator below. Or click on one of our Mortgage Payment Calculators (buttons below) for more granular details, such as with a down payment or at renewal.
For numbers specific to your situation, apply now or talk to a friendly, expert True North broker in your preferred language.
Yes, if you qualify for this product, you can choose a 30-year loan length. In fact, with our Extended Mortgage product, you can choose from 10 years up to 40 years.
Yes, the Extended Mortgage offers more flexibility than prime (A-lending) qualifying criteria.
For even more flexible approval criteria, please see our alternative mortgage product, Compass Mortgage. Please note that Compass has its own rate and fee schedule, as is typical of an alternative product.
An extended amortization frees up monthly cash flow you can put to work. That could mean a down payment on a rental property, where a tenant's rent covers most or all of your mortgage payment, or extra money to invest elsewhere. Either way, that room can help support net worth strategies by allowing you to start sooner or grow your portfolio.
Note: Net-worth building strategies should be discussed with a financial advisor familiar with your situation.
Read more: Need more time on your mortgage?
Point your mortgage in the right direction — with a more flexible alternative.
Our rates are 0.18% lower on average compared to everyone else. Prove it? Okay!
Extending your amortization can lower your payments, providing extra cash flow or income-qualifying room.
