Amortization at renewal clarification
Pardon my ignorance here. But generally if I'm renewing my 25 year amortization after my 3 year term period, I should be renewing for a 22 year amortization? If my original goal was to payoff mortgage in 25 years.
I know that amortization periods can be adjusted, but I don't understand why the banks are offering me renewals for 25 years without clarifying this point, which to my understanding keeps pushing the timeline even further. I have no problem with cashflow affordability for whichever period, just surprised here as to me it seems like it's more interest for the banks? Correct me if I'm wrong.