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Aren't long term fixed interest mortgages basically unheard of in Canada though? Having portability with your mortgage would only really benefit people with fix
by oh_sigh 3y ago
Aren't long term fixed interest mortgages basically unheard of in Canada though? Having portability with your mortgage would only really benefit people with fixed interest rates lower than the prevailing interest rate.
- bgirard 3y agoYes, but when you're signing a mortgage with potential prepayment penalties and you're afraid that you might not live there for say 5 years, your lender will use the 'port' option to reassure you. I suspect that's the main feature. Not to lock-in a 30-year rate and have it follow you.