# Fixed vs variable



## Mtlcouple (Jun 19, 2012)

I need your advice please. 

6 months ago the bank offers 3% fixed for the property mortgage. I was away on business so my wife went to the bank to sign the papers to lock in. 
6 months went by and we are still paying the variable (1.45), which I would rather be doing.
Did we fall through the cracks?
When/if they realize this, will we owe them 1000s$?
Should I talk to them or lay low?


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## Shayne (Apr 3, 2009)

Mtlcouple said:


> I need your advice please.
> 
> 6 months ago the bank offers 3% fixed for the property mortgage. I was away on business so my wife went to the bank to sign the papers to lock in.
> 6 months went by and we are still paying the variable (1.45), which I would rather be doing.
> ...


Unless you are comfortable laying lay knowing that you may have to "pay the piper" when this does get noticed, figure it out now. Is it possible that you were making higher payments on the lower rate so nothing changed?

There is very likely a chance it will get noticed and yes, you will owe money. The amount will depend on your mortgage balance and payments.


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## themortgageguy (Jun 28, 2012)

Did you say your mortgage was 1.45%??? 

I am assuming that your mortgage term was up of course but it might be possible that they haven't processed the new mortgage yet because they need both your signatures. I would assume you are both on title and in that case you both need to be on the mortgage and sign it. If that's the case then hopefully they are still holding the rate on the mortgage your wife signed. 

Something is wrong here. 

Call them.


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## Mtlcouple (Jun 19, 2012)

Thanks for your responses. 
As for the mortgage term being up, I don't think so. I always assumed you could go from variable to locked whenever you choose but not the other way around.
I will not nun after the bank. If they notice, I'll pay the difference.


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## iherald (Apr 18, 2009)

It's possible your wife signed what would amount to a rate lock in for a pre-approval. ie. it gives you a few months to decide and keep that rate locked in. But, otherwise I'd think that if the house is both of your names and the mortgage in both of your names then without both signatures I guess they can't do anything.


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