Friday, March 21, 2008

Have you heard of the new 50 Year Mortgage?

You've no doubt seen 30 year and even the 40 year mortgage in the past year or so. But now, a Canadian mortgage and credit company is offering a 50 year amortization mortgage. Yes, you heard it right, 50 years!

The company is called Centum and they say they offer mortgage financing, home equity loans and debt consolidation especially designed for first time buyers and those with good, bad or marginal credit. Their site is labuick .com

It will likely not be too long before the other major lenders follow the lead!

Does this mean that you need to buy your first home at 15 years old to have it paid off by retirement? ;-))

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Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

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  1. Simply idiotic. 40 year mortgages are bad enough. 50 years!!! Are you kidding me?!?! If this isn't proof that home prices are WAY too over inflated, and knock some common sense into first-time buyers, I don't know what will. The ever elusive chase to catch up with the Jones' will be our society's downfall.

    Japan thought they were creative bringing in 100 year mortgages at the height of their housing bubble in 1989/1990. Their market has crashed for 18 years now. Even their stock market is 1/3 today of what it was then. It's a good bet we are heading down a similar path.

    Prospective First-Time Home Buyers: Don't buy now! You will not be priced out forever!! Homes are not investments, they are only wooden boxes that cost you money to fix. In a few years, after the recession, home prices will be half of what they are now, so save your money and wait.

  2. Thanks for your comments.

    I totally agreee with you that these mortgages are a sign of bad things to come, especially for first time buyers. My advice has always been to make your mortgage 20 years or less from the beginning, not only will you save a pile of interest, but you will pay that mortgage off in your 40's rather than 60's

    I don't think we will have a recession or crash in the GTA, I think things will slow, but not crash and burn. Only time will tell.

    All the best!