The only reason I can see is that the mortgage isn’t funded by Equitable Bank but by a third-party lender. So I wonder if this is a way to circumvent the lending ratios on mortgages, which would allow people to qualify for higher amounts despite the higher interest rate.
The higher rates more than negate any benefit to monthly payments of extending the amortization. I have no idea why someone would choose this.
The only reason I can see is that the mortgage isn’t funded by Equitable Bank but by a third-party lender. So I wonder if this is a way to circumvent the lending ratios on mortgages, which would allow people to qualify for higher amounts despite the higher interest rate.