You are incorrect.
1. There is no maximum term. I've heard of people getting 25 year terms, although they have a really high interest rate. The reason they did this is that they were on retirement income and needed to predict exactly how much they could afford month to month.
The main difference with Canadian mortgages is that they force you to pony up some capital AND there is none of this variable rate nonsense. Also, no securitization of mortgages.
See: http://www.ingdirect.ca/en/mortgages/index.html For just one quick example of mortgages that go up to 10 years fixed.
The main difference with Canadian mortgages is that they force you to pony up some capital AND there is none of this variable rate nonsense. Also, no securitization of mortgages.
http://www.ingdirect.ca/en/mortgages/index.html