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albertGQ · 07-24-2012, 04:59 PM

I like that 5 year term. 3.09% is sweet!

The thing with the 10 year term is that after 5 years, if you do decide to move to another lender (or refinance or just break your contract or whatever), according to the Bank Act, your payout penalty is only 3 months interest. You won't have to worry abot IRD. That will soften the blow significantly if you ever wanted to break your mortgage.

07-24-2012, 04:59 PM	#80
albertGQ Franchise Player Join Date: Jan 2004 Exp:	I like that 5 year term. 3.09% is sweet! The thing with the 10 year term is that after 5 years, if you do decide to move to another lender (or refinance or just break your contract or whatever), according to the Bank Act, your payout penalty is only 3 months interest. You won't have to worry abot IRD. That will soften the blow significantly if you ever wanted to break your mortgage.