We always went for the 5yr fixed mortgage.
The terms were not the lowest but it was great for budgeting. Overpaying on bi-weekly payments on the shortest term we could afford pulled back the amount of interest paid and allowed us to pay it off in year 13 instead of year 25. Of course our goal was very different than those looking to maximize their available cash.
http://www.moneysense.ca/spend/real-estate/canadians-hurrying-to-lock-down-five-year-fixed-rate-mortgage/
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yeah, same here... it may not have been the best financial decision but it helped with budgeting and with the bi-weekly accelerated that helped shave down the total mortgage time.
ReplyDelete9 years to go!
Unless rates were high when we signed the papers, I've always preferred the fixed rate option. The last part of our first mortgage we let it float, and it worked to our advantage - it was in that post-crisis era when rates were falling like snow in January. We just renewed this spring at 2.99 fixed. Couldn't beat it at the time, looks like it's going to be that way for a while now again too!
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