Quote:
Originally Posted by MJK
I think I would personally rather lock in that rate. I can't see it going much lower but I can see it going higher.
If I wanted to do more than double payments do I have to go with an open?
Is there such thing as a 5 year fixed open mortgage where I can pay as much as I want biweekly>?
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I agree with you that rates won't get much lower but they will be going up for sure.
If your mortgage amount is approx $200,000 and we find a lender that will allow you to put down 20% a year without penalty that means you can dump $40,000 per year on that mortgage penalty free. Do you think it is realistic that you will be putting more than $40k a year extra down on the mortgage? If so fantastic, good for you, you'll have a lot of the mortgage paid off by the time you get to NL. If not then I think a fixed is the way to go.