what you need to know about amortization
At Sunova, you can take up to 40 years to pay off your mortgage, with our extended mortgage amortizations. And, since 40-year amortizations aren’t for everyone, we offer a variety of amortization periods so you can pick one that will best fit your financial situation, now and for the future.
While a longer amortization means it will take you longer to pay off your home, it also can free up income for other monthly expenses and savings. Keep reading to learn more.
What is amortization?
Amortization is how long it will take you to pay your mortgage in full. Make sure you don’t confuse this with a mortgage term. If you have a fixed mortgage rate, a mortgage term is the amount of time your mortgage interest rate will stay the same. See our mortgage rates for specific rate information.
40-year mortgage amortizations
To provide home buyers and owners with options, we offer a 40-year mortgage amortization. This extended amortization will lower your monthly payment and free up cash for other monthly expenses, purchases, or, alternatively, can free up funds to pay down higher-interest debt, such as credit card balances. You could also use the payment savings to start or increase contributions to a savings or investment account for future purchases, retirement, or your emergency fund.
Switching up your amortization period
Regardless of which amortization period you select to start, you can always re-evaluate each time you renew your mortgage. Ask your lender for details.