1. Amortization Period It is not always better to choose the longest amortization period on your mortgage. Although the payments will be lower with a longer amortization period, you will end up paying more in interest over the life of your mortgage. The following example shows this for a $250,000 mortgage with a 5%...
Many banks have predicted the interest rate will continue to hike rapidly in year 2011. However I doubt it! The current prime rate is 3% at all Canadian major banks. With the federal election coming up this May, there is a huge chance the rate will not increase at all by the end of...
Recently, I went to Bank of Montreal to apply a line of credit. I thought the prime rate was pretty low currently at 2.25%, so perhaps it would be a good time to apply for LOC. However, I was wrong. When I got the reply from BMO, the financial officer told me that if...
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