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of a loan. Usually, the penalty is only for an early payoff in the first few years of the loan. The penalty is considered an interest charge and is deductible in the same manner as the underlying mortgage interest. For canadian bank rate if it's a home mortgage loan on your first or second home, the penalty would be deductible on Schedule A as home-mortgage interest. If the loan is for a rental property, then the interest would be deducted on Schedule E. canadian bank rate is the difference between a hybrid and a traditional ARM THE canadian bank rate loan product in today's marketplace. They are often packaged as the 5/1 ARM or the 2/28 ARM (most popular products). The loan is a "Hybrid" because a true ARM adjusts for the same periods for the life of the loan, ie. a 6 Month ARM is fixed for the first six months and adjusts every six months afterwards. canadian bank rate 2/28 "Hybrid ARM" is a 6 month ARM that the borrower has purchased a "Rate Lock" or introductory rate for the first 2 years (this is also done in 3,5,7 year fixed periods), canadian bank rate then the loan becomes a 6 month ARM thereafter, rather than a loan that does only adjust every 2 years. The benefits This loan product has actually lowered