Quote:
Originally Posted by MJK
Hello, advice needed please.
I can get a 5 year fixed rate of 3.75%. Down payment of $11,000.
Basically I want to know what is the best, smartest way to do a mortgage. Should I do 25 years, 25 year amortization, make extra payments...?
Basically I am buying a home in Newfoundland but I will be staying in Nunavut for two more years. I want to pay off as much as possible in the two years as I can.
THanks!
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In my experience the most simple things are:
- pay either weekly, or bi-weekly because that pays off the mortgage much quicker and you hardly notice paying the extra.
- Don't put your property taxes in with your mortgage, because then you are paying interest on your taxes.
- try and put down 25 percent of the mortgage when you buy. It saves you paying the Canadian Mortgage Insurance (which is an additional charge on top of your mortgage for insurance).