Canada's the same to a max of 5 yrs. You can get longer ones but the rates suck
My understanding is because it's Canadian law that after 5 years banks can no longer charge you for early cancellation. In the states they can for the entire duration of the mortgage. Which, benefits the banks when rates go up, the buyer when rates go down (and the opposite in the states)
I'm pretty sure mortgages with early payoff fees are not the norm here in the US.
They are not.
Pretty sure those were outlawed after the 2008 recession.
Canada's the same to a max of 5 yrs. You can get longer ones but the rates suck
My understanding is because it's Canadian law that after 5 years banks can no longer charge you for early cancellation. In the states they can for the entire duration of the mortgage. Which, benefits the banks when rates go up, the buyer when rates go down (and the opposite in the states)
I'm pretty sure mortgages with early payoff fees are not the norm here in the US.
They are not.
Pretty sure those were outlawed after the 2008 recession.