"Canadians aim to pay mortgages sooner" this was an article recently featured in the Globe & Mail. According to a new CMHC (Canada Mortgage Housing Corporation) survey they found both high levels of research & determination to pay off mortgages quickly. This is something to keep in mind when looking for the best home financing options. Look for the advice and flexible payment options in order to help you get your mortgage paid off sooner.
Something also to keep in mind is your "Total Cost of Borrowing" There are mortgage rates out there currently for 5 year terms at 2.99% with numerous restrictions including some of the best and easiest ways to pay down your mortgage sooner. In other words no frills. RBC has a 4 year fixed mortgage term at the same low rate of 2.99% with all the frills and no additional restrictions.
Tony Marchigiano | Mortgage Specialist | RBC Royal Bank | Royal Bank of Canada | T. 604-505-7109