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When you sign a mortgage deal with a lender, that contract is valid for a specific period. That deal is known as a mortgage term which has the validity of few months to 5 years or more. Therefore, when that period is over and you did not pay the full balance in that given time. Then, mortgage brokers ask about renewing your mortgage term.
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Most mortgages in Canada are limited to a 25-year amortization period (the total life of a mortgage), and this is mainly because mortgages requiring CMCH insurance coverage have a 25-year maximum. However, 30-year mortgages do exist in Canada, but you’ll need to have a low-ratio mortgage that won’t be subject to long-term finances.
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Drew Mortgage Associates are Boston-based mortgage planners that provide the best home loan program and rate possible to fit your individual mortgage loan needs. FHA Streamline is a home loan program that was introduced by the Federal Housing Administration (FHA), designed for existing FHA borrowers, to speed up the home refinancing process. The program reuses the original loan’s paperwork rather than starting from scratch, which creates less documentation and underwriting. Read more about this topic visit at: https://www.drewmortgage.com/fha-streamline-refinancing/
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