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- Embed this noticeYou can amortize for up to 35 years if you come up with a 20% down payment, but the 30 and 40 year interest rate terms are something subsidized by the US government to help get people into houses. You can get a 25 year interest rate term in Canada, but the premium is so high it's unreasonable to go with it. To give you an example, you can get a mortgage for 4-5% right now if you're 0-5 years, but a 25 year mortgage is 9.75%.
This actually makes sense since prior to the gfc the average mortgage rate was about 9%, but it's awfully expensive insurance!