Quote:
Originally Posted by CroFlames
OK so does it make sense to start making lump sum payments now while I'm locked in for about 3 more years at a really low rate, or do I just enjoy this low interest holiday until I get bent over in 3 years?
Then start making lump payments when rates are high?
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Depends on what you would otherwise do with the money. For me, I'm locked in at 2% for another three years and I feel like I will get a better return from ETFs in my TFSA and RRSP on average over the next three years, especially considering the tax benefits. Therefore, I am not making any extra payments on my mortgage and instead putting that money in my investments.
However, if instead of investing that extra money went to paying for Onlyfans subscriptions, then paying off the mortgage faster is probably the wiser thing to do.