Current Events > CE Canada Mortgage holders, did I make the right choice?

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NovaFlame112 07/07/21 9:45:22 PM #1:	Just renewed my mortgage today on a 5 year variable term for 1.41%. Kicks in effect on September. Previously I was on a 5 yr fixed at 2.49%. Bank of Canada has "promised" to not raise rates till 2023, and I also don't have to pay any penalty if I stick through the mortgage for another year unless I want to sell. Seemed like a good deal. On top of that, I also opened a home line of credit with an interest rate of 2.94%. Not sure if I will smith maneuver this yet or not. The idea behind this was just to have this handy as another line of defence in my bank account in case things go sideways. <cite>NovaFlame112 posted [p:955855347] in CE Canada ... [t:79553702]...</cite> <quote>Just renewed my mortgage today on a 5 year variable term for 1.41%. Kicks in effect on September. Previously I was on a 5 yr fixed at 2.49%. Bank of Canada has "promised" to not raise rates till 2023, and I also don't have to pay any penalty if I stick through the mortgage for another year unless I want to sell. Seemed like a good deal. On top of that, I also opened a home line of credit with an interest rate of 2.94%. Not sure if I will smith maneuver this yet or not. The idea behind this was just to have this handy as another line of defence in my bank account in case things go sideways. </quote> ... Copied to Clipboard!
Shadow20201 07/07/21 9:56:31 PM #2:	Right choice. I'm guessing it's a closed mortgage. Put in the extra money to knock down the capital as soon as you can. --- czzzzzzzzzz[]:::::::::::::::::::::::::::::::::::::::::::::::::::/ 'Sir we are surrounded!' 'Excellent, then we can attack in any direction.' <cite>Shadow20201 posted [p:955855709] in CE Canada ... [t:79553702]...</cite> <quote>Right choice. I'm guessing it's a closed mortgage. Put in the extra money to knock down the capital as soon as you can. </quote> ... Copied to Clipboard!
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