Mortgage Intelligence Inc., a GMAC company, today announced it will now offer extended amortizations of up to 40 years on its “i secure” mortgage, making it even easier for Canadians to enter the housing market.

According to a recent Pollara survey conducted by the Canadian Institute of Mortgage Brokers and Lenders (CIMBL), 33% of Canadians feel that now is not a good time to buy a new home with the most common reason being high housing prices. 17% of Canadians were also unsatisfied with their mortgage because they were locked-in or disliked the length of their mortgage, while an additional 13% were unhappy because their mortgage lacked flexibility.

“Consumers are increasingly telling us they want a mortgage that gives them flexibility in its terms, length and payment options, the ability to get into the residential market and the freedom to meet other financial demands,” said John Schipper, senior vp, GMAC Residential Funding, in a news release. “We’re answering those consumer needs with mortgages that provide a variety of term lengths as well as the option of a longer amortization. By providing Canadians the option of a 40-year amortization we are giving them another way to lower their monthly payment, get the home that they want and free up their cash flow for other things that matter to them.”

Underwritten by GMAC Residential Funding of Canada, i secure gives homebuyers the ability to lock into their mortgage at a great rate and have peace of mind knowing their monthly payments won’t fluctuate. With the option of a 30, 35, and now 40-year amortization homebuyers can also reduce their monthly payment and enter the housing market, buy a larger home or just have the flexibility to meet other financial demands. As well, with the option to be pre-approved homebuyers can enjoy shopping for a new home, knowing what they can afford.