Quote:
Originally Posted by MJK
I will be in the North 2 more years and will want to pay off as much as possible in those two years before I head back to NL and have my salary cut in half.
|
Assuming interest rates aren't going to up in that time, I would look at a 2 year term, then go from there. The reason being you can have your 2 year term now and make your silly payments, then when your salary drops you can also re-adjust your mortgage to a payment amount that suits your lifestyle better.
For example, let's say your payments now are $1000/ month and you put $1200 on to pay it down quicker. Then in 2 years you can re-do the mortgage making the minimum $800 per month.
Also, even though I get paid by-weekly my mortgage is semi-monthly. Just because I like have 2 paydays per year with no mortgage payment coming off them.