Re: Bank of Canada annouces 3 more rate hikes before 2023
Originally Posted by
forumname
We bought our first house a little over 2 years ago right before the rates fell, so our 3%+ rate has looked pretty bad until recently.
We put 20% down, we max out our yearly lump-sum payment of 15% of the original mortgage amount, and we've done double-payments for the last year or so. We sacrificed getting a little bit of a worse rate for the good repayment "privileges", and our plan was to be in a position to simply pay the entire thing off when the 5 year term was up in case rates were unfavorable when its time to renew (and as of now, it looks like that may be the case). We've learned not to tell people this in real life because they scoff and chalk it up to some kind of 'luck' (even though we don't have particularly high incomes), but I don't mind sharing it with strangers.
I did tell my neighbors over beer what i was planning. A few agreed with me and a one paid a small penalty to renew early. The ones who didn't now wish they did.
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