Canadian Banks raising mortgage rates
- Thread starter LeighF
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QUOTE (LeighF @ Jun 12 2008, 08:56 PM) Hi there
Any thoughts on some of our Canadian Banks raising the fixed mortgage rate today? I have a 5 year closed variable rate mortgage right now. Wonder if I should lock in now or hold out?
alway always go VARIABLE .. it is ALWAYS cheaper than locking in !
A locked in mortgage carries an insurance premium as the bank does NOT know either what rates will be in 3 or 5 years .. so they have to add a buffer to cover their risk !
Consider NO MORTGAGE, just a HELOC .. as this is the cheapest and provides the most flexibility !
Also read this post: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-2302-What_is_better_a_mortgage_or_a_line-of-credit_.html
Any thoughts on some of our Canadian Banks raising the fixed mortgage rate today? I have a 5 year closed variable rate mortgage right now. Wonder if I should lock in now or hold out?
alway always go VARIABLE .. it is ALWAYS cheaper than locking in !
A locked in mortgage carries an insurance premium as the bank does NOT know either what rates will be in 3 or 5 years .. so they have to add a buffer to cover their risk !
Consider NO MORTGAGE, just a HELOC .. as this is the cheapest and provides the most flexibility !
Also read this post: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-2302-What_is_better_a_mortgage_or_a_line-of-credit_.html