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  #1  
Old 12-03-2008, 02:51 PM
investor investor is offline
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Default mortgage renewal - fixed or variable rate

For all of you who are up for renewal of their mortgages - did you find any deals? For what period can you lock on low interest rate? Please give me some details, I am up for renewal - also fixed or variable rate mortgage, how to choose?
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  #2  
Old 12-03-2008, 04:41 PM
trent trent is offline
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If I were you I would get the longest fixed term I can get. The interest rates are just too low right now, but this won't continue much longer with all the money printed by governments around the world. I expect to see much higher inflation in the coming years.
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  #3  
Old 12-04-2008, 02:59 PM
Steven Steven is offline
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With the variable mortgage rate you usually have the option to switch to fixed rate, so I guess it's OK to go with variable and if the rates start to increase then lock in a fixed rate.
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Old 12-05-2008, 03:49 PM
Canadian Canadian is offline
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I'm with Trent on this one, and I would choose to lock for longer period on a fixed rate. This way is easier to manage your cash flow and you avoid risk of spike in interest rates.
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  #5  
Old 12-09-2008, 02:56 PM
sunshine sunshine is offline
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I agree, Fixed term for the life of the mortgage. I don't think you can get that in Canada but get the longest fixed term possible. And why exactly we can't get fixed rate for the life of the mortgage, does anybody know? I think in US they can.
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  #6  
Old 12-10-2008, 08:33 PM
lanaa lanaa is offline
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I am not much of a financial guru but I think fixed rate is the way to go. I agree with the previous posters.
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  #7  
Old 12-16-2008, 04:09 PM
investor investor is offline
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Thanks all. I think I will go with the fixed rate. I'll try to lock for at least 7 years. Will keep you posted if it will work out.
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  #8  
Old 12-18-2008, 02:15 PM
Jason Jason is offline
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It looks like low interest rates are here to stay for a while. Look what the Fed did, they lowered the interest to a 0%-0.25% range. This is like money is free.
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