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Originally Posted by MaDMaN_26
Well the 5 year thing was just what I was told, I can't back it up so fair enough.
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I'm just referring to first time home buyers. What you said is generally true for "normal" mortgages.
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My previous mortgage was with First National and was a floating rate and every time the prime rate changed I'd get a letter from them and my payment amount changed, so that *can* happen, but you are correct my CIBC payment even though its open will not change, I expected it to and just phoned and asked so that is interesting... but I do know for a fact you can get one that changes as prime does.
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Interesting. First National is simply a mortgage broker. Do you know who actually underwrote your mortgage?