Take benefit of lower mortgage rates

Mortgage rate is going to remain low for longer than expected.

Are you taking full advantage of lower rate ?

Have a look at the table below, if you have a variable mortgage rate, I am sure you are not paying more than 2.5 %.

My suggestion to you is try to increase you installment as much as possible allowed by mortgage privileges.

Just assume that instead of keeping mortgage rate steady, Bank of Canada has increased the prime rate to 3.5 %. 

Look at difference in the interest payment and the percentage of your payment goes to principal at 2 % and 4 %. It is 25 % more goes to principal at 2%.

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