My sons have come to me with questions about an ad from Manulife about their mortage's. One son has a fixed mortage and one a varible mortage through there local bank. They run the online calculator from Manulife and they are wondering if it is a good deal since it seems they get their mortage paid off earlier. What I see is that they pay more per year so naturally it is paid quicker. They do get a smaller interest rate at 3.25% but I wonder if they are allowed to lock in if the interest rate starts going up? Also they wonder how there banking would look like if they went ahead with this plan? The web site for this is http://www2.manulifeone.ca/en/home/
Thanks in advance for any help we get.
Thanks in advance for any help we get.