Comments on: December 2009 Mortgage Reduction Report http://www.debtfreeby43.com/2009/12/21/december-2009-mortgage-reduction-report/ My Journey to being Mortgage Free and some Tips along the way. Sat, 14 Aug 2010 18:07:50 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: No Debt Guy http://www.debtfreeby43.com/2009/12/21/december-2009-mortgage-reduction-report/comment-page-1/#comment-124 No Debt Guy Mon, 11 Jan 2010 03:19:14 +0000 http://www.debtfreeby43.com/?p=428#comment-124 Thanks for your comment! Some mortgage do have limitations ranging from 5% - 25% on payment increases and lump sum payments. Some mortgages also have restrictions on when lump sums can be applied, such as just on the anniversary date. Naturally that did not work for us. We are allowed to put down up to 20% of the original mortgage amount per year. Our only limitation is that we have to put down a minimum of $100. This works very well for us as I don't think we will ever get to the point where we are putting down an additional $63,000 a year. Would be nice though. Thanks for your comment!

Some mortgage do have limitations ranging from 5% – 25% on payment increases and lump sum payments. Some mortgages also have restrictions on when lump sums can be applied, such as just on the anniversary date.

Naturally that did not work for us. We are allowed to put down up to 20% of the original mortgage amount per year. Our only limitation is that we have to put down a minimum of $100. This works very well for us as I don’t think we will ever get to the point where we are putting down an additional $63,000 a year. Would be nice though.

]]> By: Executioner http://www.debtfreeby43.com/2009/12/21/december-2009-mortgage-reduction-report/comment-page-1/#comment-123 Executioner Mon, 11 Jan 2010 03:12:49 +0000 http://www.debtfreeby43.com/?p=428#comment-123 Nice blog, impressive goal. You were correct that our mortgage payoff projects sound very similar. Here's to your continued success. Does your mortgage have any limitations on (or penalties for) prepayments? I understand from other Canadian bloggers (I live in the US myself) that many Canadian mortgages have such limitations. I was wondering what terms you are operating under. Nice blog, impressive goal. You were correct that our mortgage payoff projects sound very similar. Here’s to your continued success.

Does your mortgage have any limitations on (or penalties for) prepayments? I understand from other Canadian bloggers (I live in the US myself) that many Canadian mortgages have such limitations. I was wondering what terms you are operating under.

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