Canada vs USA mortgage differences. A bit OT but with the comments so far, this sorta fits.
On the surface, CDN banks and US banks appear to offer similar products, for kinda similar rates. Both have fixed and variable, with similar amortization offers, etc... I was able to get a 2.4% variable recently...
But they are vastly different under the surface. Here are a few of the quirky differences, just for interest:
USA... Jumbo loans cost more
CDN .. Jumbo loans come with discounts to get your business.. Qualify for more than $500k? Here is 0.2% discount...thank you for you money..
USA. Pay MTG fees as points or broker fees upfront
CDN. MTG is free of fees (most bank fees anyway other than lawyer and appraisal), but the sting you for thousands if you refi outside of their terms, move or break the MTG early.
USA.. Fixed rate makes sense. Great value in some fixed rate products if you know your needs and shop.
CDN. 5 yr variable, baby. Breaking a fixed rate before your term, eg 5yr, costs a lot, breaking a variable costs 3month interest only. Fixed rate is only for those that need the security, and costs a lot more, especially if more than 5yr term.
USA. Tax break on MTG
CDN. Pay it off asap after your max retirement savings is done.(others may differ here). Interest is pure cost like other debts.
USA. Property taxes increase with house prices, if your city goes up, so do your taxes. Tax percentage is fixed. 1.25% on a high COL area is insane. Yet Realtors and states advertise those areas as low property tax regions. Huh?
CDN. Cities need to vote in a property tax revenue increase. If your home goes up the average for your city, then no tax increase. In an increasing market, the tax percentage automatically adjusts downward. Unless they vote for budget increases, of course. A high COL city may actually have lower $property taxes than a small prairie city with snow removal.