Hello, looking for some advice on which way to go. In the middle of purchasing a home in the Red Deer area. Went to a broker and was quoted 5 yr fixed at 3.69% and a variable of prime (2.5) plus 0.65. If it makes any difference, We are both working professionals with no kids, no debt (other than what the mortgage will be) and are buying a home that is roughly half of what we were approved for. This is our first house, so this is all fairly new to me. Any advice or feedback greatly appreciated!!
fixed vs. variable mortgage
- Thread starter jjc839
- Start date
- Joined
- Oct 7, 2007
- Messages
- 699
I would go with the 5 yr fixed at 3.69%. That is very cheap money and I believe prime will start to bump up in time.
Don`t get me wrong, I am a very big fan of variable rate mortgages, but that is a great 5 yr fixed rate, in my opinion.
Good luck!
Don`t get me wrong, I am a very big fan of variable rate mortgages, but that is a great 5 yr fixed rate, in my opinion.
Good luck!