Quote:
Originally Posted by 2000cs
Thanks. I understand 2-5 but why pay down the mortgage assuming it is a fixed rate mortgage?
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In Canada, we only can get mortgage rate fixed for maximum 5 years.
The mortgage is amortized for 25 years and the term is renew every 5 years.
Off course, there are variants of amortization years, variable rate, 1 to 5 years fixed rate.