Is now the time to lock in from a variable to fixed rate mortgage? Let’s have a look at your options and clarify your situation.
In this post we answer a client’s question about what rate they would get if locking in their variable rate mortgage.
Let’s talk about the difference between a fixed and a variable rate, and what is the best choice for you.
WHAT’S THAT? VARIABLE RATE? An adjustable rate may be right for you. Last time around we talked about fixed interest rates. In our simple example we borrowed $100 for a year, and paid 4.0% interest (or $4) to do so. The total amount owing after 12 months was $104. Variable rate mortgages on the other…