We have just purchased our first investment property. My thought was to obtain a mortgage with a 30 year amortization to lower the mortgage payments and therefore increase cash flow. We have been offered a closed mortgage with a prime minus .5 variable rate for a five year term. This mortgage has a 25 year amortization. We asked the mortgage broker who obtained this for us about a 30 year amortization, but was discouraged from obtaining one as we were told there are extra fees associated, a higher interest rate, and many lenders aren't offering them anymore. We are putting 20% down so we don't need mortgage insurance. Is this information correct in regards to 30 year amortizations with 20% down?
Any input would be greatly appreciated.
Thank you!
Don Oulette
Any input would be greatly appreciated.
Thank you!
Don Oulette