For most people, my feeling is we have to carefully consider the longer-term impact of this incentive on your bottom line. My expectation is that it will be wiser to make slightly higher payments than roll the dice and lose a significant chunk of the equity in your home.

Statistics show that two out of three Canadians break their mortgages by the 33-month mark. When we use the term break, we mean that people either sell or refinance their home, which means they pay out the original mortgage. Because of this statistic, one of the features we look for when placing clients with different lenders is a portability option. This helps people avoid paying unneccessary penalties.