If I may give you some advice in regards to mortgage shopping... Find a mortgage broker one that is not affiliated with any particular financial institution, he/she will provide a competitive rate amongst all the offerings that are out there. Your mortgage does not have to be at the financial institution you are currently dealing with. Most have the ability to debit an account anywhere in Canada. Get the rate from the broker and the term and the amortization, then approach your financial insitution and see if they can match it or even beat it...don't feel shy, it's your money and every 1/8 of a perent you can shave off is money you will save. As for paying it off try and choose a weekly accelerated payment, the actual difference from a monthly payment is minor but will shave years off your amortization and again is money in your pocket. As for rates historically persons that choose a variable have saved money in the long term, that being said rates are low and are projected to move up .25-.50% over the next year...hardly a skyrocketing effect but nevertheless higher. In choosing fix over variable I would ask yourself how will you sleep at night if rates move up and it forces your payment to increase...if your answer is that your not comfortable then fixed term is the way to go. I don't want to sound like a know it all, however, I think fearsclave will attest I have over 20 years experience in banking so I have some knowledge in the field. If you have any questions please feel free to ask. Good luck...oh and I saw the listing...it looks very nice!
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Date: 2011-08-01 10:40 pm (UTC)