One thing to always keep in mind is the downside risk of investing vs paying down the mortgage. Yes, you may get a much better return with investing…but you may also lose it too. Personally, I’m pretty conservative when it comes to money that’s allocated for the mortgage.
Having said that, our mortgage is 2.1% for another 2.5 years. You can get a GIC or T-bill paying around 4-5% right now, virtually risk free, so for us it doesn’t really make sense to put that money to pay down the mortgage quicker until that scenario changes. Once the mortgage renews at what I’m assuming to be a much higher rate, we’ll put the focus on aggressively paying down the mortgage. Until then, we're plowing any extra money into those guaranteed rates.
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