-=> Quoting Michael Loo to Jim Weller <=-

 JW> Our residential mortgages are usually 25 years. Going 30 is a
 JW> sucker's game

 ML> a lot of young people need every leg up they can get, and the
 ML> difference between 25 and 30 may mean the difference between
 ML> house and no house.

As both a mortgage lender and then a Realtor with a combined 45
years experience I heartily disagree with that sentiment. If someone
is that tight they shouldn't do it. Or maybe they should start off
with a more modest place. Every budget should have some slack in it
for unforeseen expenses like emergency repairs to home or vehicle
etc.

 ML> I presume that no prepayment penalty is a good idea also.

In Canada unless one pays a premium for an open mortgage there will
be prepayment penalties except for on the anniversary of when a term
comes up for renewal. Lenders do allow prepayment of up to 10% of
the principal per year without penalty.

 > Most commercial mortgages are 20 years

 ML> Are there tax incentives for keeping a not-necessarily-
 ML> advantageous loan the way there are here?

The interest paid on commercial mortgages including those for rental
properties is tax deductible against the revenue earned but interest on
residential mortgages on one's principal residence is not. However
capital gains on the disposal of a principal residence is tax free
as well.

 ML> Ours range from fixed throughout to variable
 ML> throughout to renegotiable at various stages,

Ours are variable or fixed for 1 to 5 years. 7 and 10 year terms
are available but the rates aren't particularly attractive.


MMMMM----- Recipe via Meal-Master (tm) v8.06
 
      Title: Grand Marnier Nanaimo Bars
 Categories: Chocolate, Bars, Canadian, Nuts, Alcohol
      Yield: 24 Servings
 
      2 c  Graham cracker crumbs
      1 c  Coconut; unsweetened, flaked
    1/2 c  Pecans; toasted
    2/3 c  Butter
    1/3 c  Cocoa powder; sifted
    1/4 c  Granulated sugar
      1    Egg; beaten
           GRAND MARNIER LAYER:
      2 c  Icing Sugar
    1/4 c  Butter; softened
    1/4 c  Grand Marnier
      1 tb Orange rind; coarsely
           Grated
           CHOCOLATE TOPPING:
      1 tb Butter
      4 oz Semisweet chocolate;
           Melted
 
  In bowl, stir together crumbs, coconut and pecans. In small
  saucepan, gently heat butter, cocoa and sugar until butter melts.
  Remove from heat; whisk in egg. Blend into crumb mixture. Press
  into greased 9 inch square cake pan. Bake in 350F oven for 10
  minutes. Let cool on rack.
  
  Grand Marnier Layer: In bowl, place half of icing sugar with
  butter, mix in half of the icing sugar with butter; mix in Grand
  Marnier, remaining icing sugar and orange rind. Spread over base.
  
  Chocolate Topping: Stir butter into chocolate until melted; spread
  evenly over Grand Marnier layer. Let cool for 20 minutes in
  refrigerator; cut into bars. (Bars can be covered, refrigerated up
  to 2 weeks, or frozen up to 2 months. Let soften slightly before
  serving.

  SOURCE: Canadian Living's Desserts by Elizabeth Baird
  
  Posted by: D Lassiter

MMMMM

Cheers

Jim
     
... It's so cool that llama is spelled with 2 "l"s, 2 "a"s and 2 "n"s.

___ Blue Wave/QWK v2.20
--- Platinum Xpress/Win/WINServer v3.0pr5