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sw ontario | Option 5 is best, first 5 yrs. you probably will have unexpected costs so pre pay is not a big deal,very little yearly savings with a 30 yr over 20 yr. note , 4.55 is good long term int. rate ,if 20 yr. pay doesn't work you probably should not buy, Other than short term money,say 2-3 yurs. or less you should be locked in. Here in Canada a lot of 25 yr. house mort. at say 3% that are re-newed every 3-5 yrs. many barely can make payments now so when they have to pay 10% for money which will be 3x to-days payments there will be lots of pain. Many retirees are getting sick of there poor int. returns on GIC's,ect. | |
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