# Mortgage Rates Opinion, Please.



## Learning (Dec 20, 2011)

Hello all,

I got approved for the following renewal mortgage.

5ys variable closed P -0.3% 2.7% 
2 yr fix 2.69% 
4 yrs fix 2.99%

Renewal is due tomorrow and would appreciate if you
can comment on the above rates.

Thanks in advance!


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## marina628 (Dec 14, 2010)

I took a 5 year 3.49 last year but only because my home will be paid off at end of term. I probably would do the variable ,I do not think interest rates are going to change much anytime soon.


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## Spudd (Oct 11, 2011)

Given the same dilemma I went for the 4-year fixed (exact same rate) but I'm risk-averse. Interest rates change in 1/4 percentage points so one rate increase and you would still be in the clear, but 2 increases would put you over your fixed rate. 

I didn't have that 2-year option, though. That looks pretty nice because it's actually less than the variable, and I don't see rates going down farther.


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## Learning (Dec 20, 2011)

Thank you both for the inputs!

Still undecided and about to make a decision soon!

Seems the 4 year fix is a good to go...


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## KayCee (Dec 23, 2011)

I'm also looking for the best rate. Am I allowed to ask which bank is giving you these rates?


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## dcaron (Jul 23, 2009)

*RateSuperMArket*

I kind of like the web site below, to shop for fixed + variable rates.
Cant wait until Feb 2013 to get rid of my 5.22% 7-year term fixed rate. By that time, I will be 5 years into the 7 year term, and only pay a 3-month interest penalty. Right now, my IRD (Interest Rate Differential) penalty is $27K, on a 271K mortgage.

http://www.ratesupermarket.ca/?gclid=CPfi36em360CFecEQAodPEaUIA


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## dcaron (Jul 23, 2009)

*Is it Time to Lock in?*

Over the past 3 weeks, the fixed versus variable rate debate got a whole heck of a lot more interesting… 

http://www.ratesupermarket.ca/blog/is-it-time-to-lock-in/


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## Saniokca (Sep 5, 2009)

Usually I would say variable. But here I would go with fixed... Unless I thought that they are going to offer a similar rate for a londer time (e.g. 10years)

I should add that I am no expert when it comes to mortgages...


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## buaya (Jan 7, 2011)

My experience has always been variable is the way to go. 
2.7% or -3 is, in my opinion not the best you can get. Shop around. Even in the worst market - 2008 after the financial meltdown we were able to get -5.5
The best way to do this is to make your payments based on 2.99 (5 year fixed). This way, the amount you pay will be the same.


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## Financial Cents (Jul 22, 2010)

Go variable.


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## captain charisma (Mar 10, 2010)

2.89 @ 4 yrs is available right now.


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## RichmondMan (Jan 31, 2011)

It is to pay attention to the continuous increase a mortgage rates. I assume a cautious strategy as the better option at the moment. Let me help you with one article that The Bank of Canada left its overnight rate target of 1 per cent unchanged for the 16th consecutive month. Mark Carney, BoC governor, said that although interest rates remain unaltered, the Bank is aware that their decision could cause additional household debt. He believes that continued low interest rates will offset global economic uncertainty and lead to a strong housing market and increased consumer spending.


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## Cal (Jun 17, 2009)

http://www.theglobeandmail.com/glob...in-easy-money-mortgage-battle/article2331673/


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