Variable rate mortgages have been the choice for many Canadians over the last decade or so. Many Canadians have benefited over the years by having a variable rate mortgage and therefore saving thousands in interest cost.
Times have changed. Variable mortgages are hovering around the 3% but 3 and 4 year term fixed rates are as low as 3.09%, or even a 5 year term at 3.29%. The question of course is when are the prime lending rates going up? No one knows for sure and while the European sovereign continues to loom large, most believe that it is only a matter of time before the whole crises is in the rear view mirror. It?s been decades since the short term variable rates were so closely aligned with fixed rate mortgages and it certainly won’t last.
Your current mortgage situation is not like everyone else?s. Does it make sense for you to finally go fixed? Only by reviewing your current mortgage situation can we decide if it?s the right decision for you. I can also show you how to save thousands in interest cost at the same time and have your mortgage paid years sooner.
Remember it is not just the interest rate you have but the interest you actually pay that matters most.
Mortgage Alliance – Shoreline Mortgages, Inc.
Cell: (709) 699-5727 Fax: (709) 753-2122 e-mail: email@example.com