I have been reading the forum topics for a few months now but wanted to get some feedback as to what the consensus would be regarding interest rates. I am close to closing on a triplex that is very close to home. I am currently using the Manulife One HELOC as the "mortgage" on my principal residence, and will be using about $50 000 from that as the downpayment. I chose this a few years ago after reading about the "Smith Maneuver" and am slowly changing my bad house debt into tax deductable good debt in the form of a business loan. I am ok with the variable rate on our house,but am wondering which way to go for the income property. Rates seem to be near historic lows and now that the Bank of Canada did not lower rates any further I am thinking it may be a good time to lock in for a 5-10 year term and not have to worry about fluctuating rates as well as increasing heating costs.
I know the monthly payment is about $200 more but I am contemplating the price of security??
Thanks for any input that you can give, Brian
I know the monthly payment is about $200 more but I am contemplating the price of security??
Thanks for any input that you can give, Brian