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40-Year Amortization Mortgage

This unique program from one of our top lenders allows you to extend the duration of your payments from the standard 20-year period to a full 40 years. By stretching out the payment period, borrowers can lower their monthly mortgage payments.

A specialty product from alternative lenders allows borrowers to lower their mortgage payments by extending the amortization period up to 40 years.

There are a few things that borrowers would want to know more about this alternative mortgage solution. Contact your local mortgage broker or book a free consultation with one of ours for more details.

Improve Cash Flow and Pay Down Principal Amount

By lowering the monthly mortgage payments, borrowers can reallocate their extra cash flow to other uses while continuing to pay down the principal mortgage amount in each payment.

Bruised Credit Not A Problem

Borrowers with bruised credit can qualify for this alternative mortgage solution as long as they have reasonable explanations and recourse for improving their credit score going forward.

Higher Overall Interest Amount

Since the borrowing period is extended to 40-year long, the total borrowing interest cost is expectedly higher compared to the conventional 25-year or 30-year amortization period.

Trusted Lenders

At Richmond Hill Mortgage Broker, we work with lenders who are reputable and have established outstanding levels of customer service, integrity, and compliance with regulatory authorities.

What To Know About 40-Year Amortization Mortgage in Richmond Hill

For borrowers looking to increase their borrowing power, alternative lenders offer loans with extended amortization periods of up to 40 years. It allows borrowers to afford higher purchase prices with the same down payment or make lower monthly payments.

40-Year Amortization Mortgage Is Not a Myth in Ontario

The amortization period is the time it takes to pay off the principal of a single mortgage plus interest. A longer amortization period means borrowers have more time to pay off the loan, which lowers the monthly mortgage amount and makes paying the mortgage more affordable.

The downside of having an extended amortization period is borrowers are paying more in interest by the end of the amortization period.

Most borrowers take advantage of the 40-year amortization to lower the principal plus interest portion every month and accumulate the extra cash flow each month to prepay the principal balance yearly as a lump sum prepayment. Over time, they can effectively pay off the principal balance faster than if they were to sign up with a shorter amortization period of 25 years or 30 years.


Borrowers can qualify for a 40-year amortization mortgage from alternative mortgage lenders in Ontario. It is possible even after the Office of the Superintendent of Financial Institutions (OSFI) has shortened the maximum amortization period to 25 years for federally-regulated financial institutions since June 2012.

These alternative lenders offer solutions to borrowers looking to increase borrowing power through extended amortization of up to 40 years. These alternative mortgage solutions are accessible through your local mortgage brokers in Ontario.

FAQ on 40-Year Amortization Mortgages

What Is the Longest Amortization Period for Insured Mortgages in Ontario?

Insured mortgages in Ontario are insured with mortgage default insurance that protects the lender if the borrowers default on their mortgage. Insured mortgages are insured by one of the following mortgage default insurers in Canada: CMHC, Sagen, and Canada Guaranty.


Insured mortgages also benefit borrowers by enabling them to qualify for mortgage loans with a minimum down payment and the lowest mortgage rates available from the federally-regulated financial institutions.

The longest amortization period for insured mortgages in Ontario is 25 years. It used to be 30 but has been shortened to 25 years by the Office of the Superintendent of Financial Institutions (OSFI) effective from June 2012.

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Justin W, Richmond Hill

As a first time home buyer I was very nervous about buying a home. The professional staff at Matrix Mortgage Global took the time to answer my questions even after hours. I was very pleased with the service and how I was treated.

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Jignesh S, Toronto

I'm a self-employed cab driver. I was devastated when my bank, with whom I've been banking with for years turned me down for a mortgage. My business is mainly cash, and I didn't meet the bank's criteria for proving my income. I found Matrix Mortgage Global online and decided to give them a call. I was surprised that I got approved. I thought that if my bank turned me down everyone would. Thanks!


Andrea C, Markham

I had 2 yrs left on my consumer proposal, with the 2nd mortgage offer by Matrix Mortgage Global I was able to pay off the proposal and re-establish my credit

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Enjoy the peace of mind from knowing that you are working with someone who has a deep understanding of the mortgage industry and will work smart to get you the best possible deal.

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Better Options with


Alternative mortgage solutions give borrowers more options and might be a better fit for those who don't meet the bank's standards.


These options might have higher interest rates or different terms, borrowers just have to take them into account and come up with an exit strategy that is affordable in the short and long term.


Work with the right lender for your situation, so you can get approved for the best mortgage.

A specialty mortgage product from a Tier-1 Bank in Ontario allows borrowers to get their deposit amount out of the property on the Closing Day.

A specialty product from alternative lenders allows borrowers to lower their mortgage payment amount by extending the amortization period, up to 40 years.

A specialty mortgage product from alternative lenders allowing borrowers to pay only the interest portion of the mortgage throughout the entire Term.

Don't settle for lenders who would only recognize up to 75% of the rental income to offset your debt-to-income ratio. Ask for 100% of the rental income to be qualified.

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