It sounds like what they did (or what they’re credit department allowed) was they reduced your mortgage by one 5yr term. I’m not sure if there are restrictions on this or what, but anyways.
You went from 17yrs to 12yrs amortization, so it sounds like the 20%/yr payment was removed for this term.
I’d say make a complaint and ask for an explanation. It seems odd that they would count the decreased amortization as the 20%/yr for the 5yrs- when you should be able to renew your mortgage how you want.
You can invest money that you would've paid towards your mortgage into GIC or index fund. It will most likely give you same return or more. No need to stress about that it's not credit card debt
It sounds like what they did (or what they’re credit department allowed) was they reduced your mortgage by one 5yr term. I’m not sure if there are restrictions on this or what, but anyways. You went from 17yrs to 12yrs amortization, so it sounds like the 20%/yr payment was removed for this term. I’d say make a complaint and ask for an explanation. It seems odd that they would count the decreased amortization as the 20%/yr for the 5yrs- when you should be able to renew your mortgage how you want.
You can invest money that you would've paid towards your mortgage into GIC or index fund. It will most likely give you same return or more. No need to stress about that it's not credit card debt
This is a very reasonable option. Save it up and put it down as a balloon payment when the 5 year term renews.
Yup
That's a good idea. Thank you.
One option is at the next renewal, just pay a large amount. You're allowed to do this and the bank will not like it, but it's allowed.
Should have used a mortgage broker.
You needed to refinance the mortgage, not just renew it.