Near-north Ontario, French River | ahhhh not sure how you purchased the land ( must be private???) , but if it were me I would have had all the financing in place BEFORE i bought it. FWIW with land purchases I'm willing to pay the lightly higher interest rate associated with fixed rate long term mortgages as opposed to lower rate shorter term mortgages. Last one i locked in ( open mortgage) the rates for 15years, if i get a couple good years I am still able to pay it off sooner, but I like the safety of knowing what my payments will be regardless of what rates do over the next 15 years. Equipemtn loans are different as they are typically 5-7 years, so its often worth gambling on variable rates. |
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