Читать книгу Complete Home Buyer's Guide For Canada - Geraldine Santiago - Страница 17

Most mortgage loan contracts permit the regular payments to continue only for a specified term that is shorter than the amortization period. The term can be as short as six months, or it can be up to five or ten years. The length of the term you choose will depend partly on whether you think interest rates will go up or down. At the end of the term, you may renew your mortgage at that day’s rates or repay the full unpaid balance. If you don’t have the cash required to pay the balance, it is necessary to refinance the loan. Note that the lender is not obligated to renew your mortgage loan at the end of the term.

A pre-approved mortgage can help you gauge the amount you can afford to spend on a new home.