Amortization Options

Choosing the right amortization option for your mortgage is an important decision that can have a significant impact on your overall financial well-being. At Esto Mortgage, we offer various amortization options to help you customize your mortgage payments and align them with your specific needs and goals. This page provides an overview of the amortization options available to you.
Standard Amortization: The standard amortization option is the most common choice for homeowners. It refers to the predetermined length of time it takes to repay your mortgage loan in full. In Canada, the maximum standard amortization period is typically 25 years for high-ratio mortgages (mortgages with less than a 20% down payment). During the amortization period, you make regular payments that consist of both principal and interest, gradually reducing your outstanding mortgage balance.
Extended Amortization: Extended amortization allows you to extend the length of your mortgage term beyond the standard period. By opting for an extended amortization, you can reduce your monthly mortgage payments. This option may be suitable if you are looking to minimize your monthly expenses or if you have other financial obligations that require additional cash flow. However, it’s important to note that extending the amortization period means paying more interest over the life of your mortgage.
Accelerated Amortization: Accelerated amortization is an option that allows you to pay off your mortgage faster by increasing the frequency and/or amount of your mortgage payments. With accelerated amortization, you make more frequent payments, such as bi-weekly or weekly, instead of monthly. Additionally, you have the option to increase the amount of each payment. This approach helps you build equity in your home more quickly and reduce the total interest paid over the life of your mortgage.
Amortization Renewal: Amortization renewal refers to the process of adjusting your mortgage amortization period when your mortgage term is up for renewal. During the renewal process, you have the opportunity to reassess your financial goals and make changes to your mortgage, including modifying the amortization period. Renewing your mortgage with a shorter amortization can help you pay off your mortgage faster and save on interest costs
It’s important to consider your financial situation, goals, and budget when choosing an amortization option. While extended amortization can provide immediate relief with lower monthly payments, it may result in higher overall interest costs. On the other hand, accelerated amortization can help you become mortgage-free sooner but requires a higher monthly payment commitment.
At Esto Mortgage, our team of mortgage professionals is here to help you navigate the various amortization options and find the one that aligns with your financial goals. We provide personalized guidance and support to ensure that you make an informed decision.
Contact us today to discuss your amortization options and discover how we can assist you in customizing your mortgage to fit your unique needs.

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