Boring But Effective
June 29, 2009admin Comments OffThat’s how a recent IMF paper characterized Canada’s mortgage market.
Among other things, it compared Canadian and American mortgages and listed several key differences. Here are the big ones:
US mortgages typically don’t have pre-payment penalties. Canadian mortgages usually do (except for “opens,” which are more expensive).
Canadian mortgages are portable. Portability is rare in the US.
US mortgages [...]