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.
Jim Flaherty’s new rule announcement for amortizations and refinancing has left a lot of Canadians puzzled this morning – what will this mean for those already in government-backed plus-25-year mortgages? And is there a silver lining when it comes to mortgage interest paid over time?
The turbulent month of May has passed, and it’s onward to June! With 5 Year and 10 Year Fixed Rates hitting all time lows, many consumers are considering a longer than usual term – and they’re giving 10 Year rates a second glance. But what implications does this hold for those who may need to break their mortgage? We look at the pros and cons of making a long term mortgage commitment.
There’s no doubt, your home is likely the largest purchase you’ll ever make. If you arrange your mortgage through the bank, it is their responsibility to ask you if you want to insure your mortgage through them. While it’s easy to say yes, it’s a good idea to explore your options thoroughly first. Mortgage insurance is a good idea for some, but there could be a better option – life insurance. Let’s look at each closely and compare them for their drawbacks and their benefits.