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Pre Pay Mortgage benefit

  • Last Updated:
  • Mar 17th, 2014 4:35 pm
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Moderator
May 28, 2012
12484 posts
5278 upvotes
Saskatoon
I doubt your interest rate would stay the same for the entire amortization, if it does, you are probably paying too much in the long haul. More likely, you have a specified term and at the end of the term, you negotiate with the bank for another term...this is if you aren't doing variable. If you have any extra money to put towards your mortgage, doing it at the beginning rather than at the end means you will be paying down the principal more quickly.

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