No. of Recommendations: 1
You can get a 30-year mortgage in Canada, but only if your down payment is more than 20%.
Really? I live in Canada and I've never seen one offered, and I've never known anyone who had one. I am intrigued that Germany has these also - I thought it was only the USA. I also don't know why banks in Canada and most other places cannot offer a 30y fixed rate mortgage. In fact, it is usually even better than a 30y fixed rate - if I understand correctly, most long-term US mortgages can even be renegotiated to a lower rate if rates fall (and can be held onto for dear life if rates rise.) How this would even be possible for banks to offer is beyond me, but maybe someone familiar with US banking can explain.
dtb
