sko

回復  librazhy


    Librazhy.  If you are flexible and able to gamble a bit for a lower rate.  5 y ...
Look4chrisng 發表於 2011-7-14 13:09

I got prime -.85 for my 5-year closed variable. Would have been prime -.90 if my amortization year was longer.

sko

sko:

When you pick 5yr closed variable, it must make sense to your situation.  Can you share your r ...
Look4chrisng 發表於 2011-7-15 11:33

I'm not in the banking industry but I was advised this would be my best bet of all variables. And after doing a bit of homework myself and basing on my current situation, I am choosing 5yr closed variable because:
- I do not plan to sell my place in the next 5 years
- This option gives the lowest possible interest rate
- Bottom line returns to the fixed vs variable dilemma in which I would choose variable
- If interest rate rockets up, you can always change it back to fixed
- Side note: "Studies by Dr. Milevsky of York University have shown that between 1950 to 2007 one in seven Canadians who choose variable rate mortgage saved an average $20,630 on interest payments per every $100,000 over 15 year period, due to lower interest rates offered on variable mortgages."

sko

Sko, which bank can get you P - .90 ah?  pls let me know. thx
小叻 發表於 2011-7-15 14:53

RBC (friend's rate).

I've also tried TD friend rate, and HSBC advanced acct rate.. both terrible compared to RBC's P-.9~