It can be easy to focus on interest rates when choosing a mortgage, but deciding on a long or short term mortgage can have a big impact on your payments. Read on to explore the pros and cons of each – and what to expect if you try to break your mortgage term early.
Although the recent CMHC changes aren’t news to many (I hope) and I feel like I’m starting to sound like a broken record… a survey conducted by BMO found that a whopping 49 per cent of Canadians are not familiar with the new mortgage rules that came into play this past Monday! This leads me to believe that 49 per cent of Canadians live under a rock, mortgage free and without cable. If you are one of the 49 per cent, please check out the new rules and help tip the “in the know” side of the scale.