Yes, if you want to have a low mortgage rate for the next 5 years. Rates will rise already the bank rate is 5.19% before discounts. I locked my mortgage for 5 years at 3.6% with an ability to make double payments and to pay 10% of the total mortgage per year without any penalties.

I would say yes. Based on the market, it looks like rate have already began to go up. You must lock your mortgage to get a lower mortgage rate and a fixed monthly payment for the next years.

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First read this question, it has something to do with this:: http://ca.answers.yahoo.com/questio n/index;_ylt=arbuxwcbyrg3zs0itpjsbf 7bfqx.;_ylv=3?qid=20080822071247aae nxyg then read this. our mortgage company majorly screwed up. in august, we switched banks (our mortgage is not with our banks). we usually have direct withdrawl for our mortgage payments. we told them we would be afew days late with out payment while we switched banks. after we were 3 days late, they demanded we pay them immediately. they would not accept registered mail (to send a cheque or cash for it), but only western union or a bank payment. we opted to send a western union payment, so we would have a receipt of the payment. we sent the payment, and called the mort. company with a reference #. they accepted it no issues, and we thought the matter was closed. 2 weeks later (and 2 days before our wedding) a court officer showed up at our door with paperwork that the mortgage company was commencing legal action over non-payment of our mortgage (our payment is $418 bi weekly, we had been late with one payment). we called our lawyer and the mortgage company, and they said to dis-regard the notice, it had all been worked out- the western union payment hadn't been submitted by their internal billing dept. in time for them to cancel court proceedings. we got a letter from the mortgage company stating to disregard the repossession proceeding papers we had gotten. we considered the matter closed. last friday, a sheriff of the court showed up at our door, served me papers that we had 7 days to leave the house and have all our stuff gone- they were repossessing our house. i freaked out, called hubby @ work and he came home. we again called the lawyer then the mortgage comp. we had to fax them the western union receipt for proof we paid. we did so, and the next day we had a notice from the canadian superior court of justice saying to disregard the notice of intent to repossess, and that the suit was closed, our mortgage was paid up and in good standing. so, again, we considered it over with. the lawyer for the mortgage company told us they were faxing the dismissal papers over to the local court (and sheriff and court officer who was supposed to evict us). we had to go to a funeral yesterday for my hubbys uncle. we were gone overnight about 3 hours from home. we got home @ 12 noon today, and notices were taped to our windows, all our door locks had been changed, and bars put over our windows so we couldn't get into our house (keep in mind it is cold here in northern canada, in november- and we have 2 children under age 3). so esentially we were locked out of our home. we both freaked out, smashed a garage window and broke into our house. the sherriff and whoever changed the locks damaged some of our property- we need a new rear entry door, our front door is damaged and the door jamb needs replacing, they left the old knobs on the floor, our hardwood floor by the door is damaged, and our elderly indoor cat was sitting out in the cold by the front door when we arrived at home. our dog had been taken by animal control to the pound where we had to pay to get her out. we still have all the paperwork pertaining to this issue, i took photos of the damages, and filed a report with the police about unlawful entry. we want to sue, but the mortgage company lawyer just laughed at us and said "good luck, we have every right to protect our investments". the thing is, this is not our fault! it seems like every time we turn around, this company is screwing up something major. i'm worried to leave the house now in case we can't get back in and are stuck in the cold with the kids. what can we do about this?! i am so p-i-ssed off, i'm shaking still. we are in our home right now but i'm worried someone will show up to evict us or charge us for being in here. my hubby had to go to work or he would probably lose his job, so i'm here alone with the kids and freaking out. i'm also really concerned about the ownership of our home- and about our credit rating and all the legal aspects of this.... help! what should we do?! we go to talk to a lawyer monday about filing a lawsuit and suing the company for harassment, emotional and financial distress, unlawful entry, damage to property and whatever else we can sue for. this is insane and we have to do something... we cannot afford to pay for penalties to switch our mortgage, we would be content with suing them for the balance of our mortgage ($124 thousand) and legal fees- and for the money to fix the damages and for the $110 we had to pay to get the flippin' dog out of the slammer. i'm just so mad. i told hubby i was going to call the most major newspapers and tv shows in the province and tell them about this, and see how the company likes it. also going to file a disupte and complaint against them with the better business bureau, which will basically put a mark against them if any potential clients check their bbb rating...

It sounds like you are on the right track - legal action at this point is your only recourse. Also, as soon as your mortgage term expires, I would be looking for a new lender. Depending on how old your mortgage is and what you still owe, you may even decide that it would be worth paying penalties to refinance with a different company.