Quote:
Originally Posted by blkgsr
Everyone pull our your crystal balls.....
Thoughts on mortgages as mines up at the end of the month...right now I'm with Scotia being offered 2.79% 5 year fixed and Prime - .55% (2.3%) for a 5 year variable
Meeting with RBC tomorrow (who i bank with) but already over the phone i've been told 2.65% 5 year fixed and Prime - 0.65% (2.2%) for 5 year variable
anyone else i should check out? for the next few years i'm not going to be worried about who let's me prepay more etc as i'll be travelling and any extra money from the rent will be used on that.
my question is fixed or variable????
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It all depends on your risk tolerance and your views on where the Canadian economy is headed. If you're traveling for a few years, do you think that the Bank of Canada will raise the interest rate?
It might be a good idea to run a few scenarios with a mortgage calculator and see how much a 1-1.5% interest rate increase will affect your cash flow with a variable rate.
If you don't care about prepayment options, why not try a smaller lender that offers better rates? There are lots of smaller lenders being parroted on places like RedFlagDeals if you simply want a no-frills, lowest-rate mortgage.