Number 3 on our list of things on which Canadians waste the most money is 5-year fixed mortgages.

They are marketed as being safe and a good protection against a sharp rise in interest rates. The reality, though, is that they are nearly always a huge waste money, they limit your flexibility and result in losing your negotiating power for 5 long years.

That is why we call it the “5-Year Fixed Mortgage Trap”. Read more…

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