Many borrowers choose a five year term for their mortgage product as it suits their home-ownership plans as well as locks in a consistent payment which makes monthly budgeting easier. Did you know that statistically, the average borrower will refinance, move, renew, pay-down or pay-off their mortgage in 3.5 years? This means, the average borrower…
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GUEST POST via ‘The Mortgage Guy Niagara’: Understanding Penalty Payments
