Hello Roger, the beauty of a variable rate product is that you should be able to lock it in at any time to a fixed rate product with the same or longer term that what is remaining on your variable. Check with your lender to see what rates they will be offering and then check with me to see if there are better rates at your banks competitors. I am afraid that once a bank has you they are not as eager to give you the larger discounts. The other banks are always hungry for new business and will often fight for it. Give me a call once you find out what your bank is offering and I will let you know if you can save money elsewhere. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec.

In the United States their mortgages were set up to adjust after 1 or 2 years. In Canada you get a 5yr variable rate mortgage and the interest rate will only change when the bank of Canada changes their rates. In Canada its different though because when the Bank of Canada changes rates it affects visa cards and lines of credit for home and business so they cant jump too fast too high without heavy consequences to the economy. As for locking in your rates, the closed mortgages are at all time lows so its not a bad idea to seriously think about it. Contact me for more info. Abraham Niyazi - Mortgage Agent - Easyrate.ca - 1-866-728-3708 x 115.

Hello, I did a calculation based on your details above. The difference in monthly payment is $62 per month based on 5 year term that is a savings of $3720... But the savings does not stop there. The remaining mortgage balance at the end of the 5 year term is different for both rates, the difference is an additional savings of $1610. So a total savings of $5330! As for the penalty to break with your bank they are the best source of info for this. Give your branch a call and ask them what is the penalty if I pay off my mortgage completely in 30 days from today. That number should be less than the savings you see above. For other readers if your interest rate is higher than the 3.6% you see in this question then the savings is higher as well. I switched a mortgage for a client who had a higher mortgage balance and was at 5.7% interest rate (the rate at the time 3 years ago) He was quoted a penalty of $13,000 to break from his bank, after doing the calculations he did break and pay the penalty because he saved $33,000 over the next 2 years in interest. He almost tripled his initial penalty. There is no investment product that can return this kind of money into your pocket short of loan sharking!! The proof is in the numbers so I encourage anybody who is interested in at least looking into this please give me a call I can do the analysis and send you info for you to decide for yourself. It is not common knowledge so I must mention that at the end of the 25-30-35 year amortization of your mortgage you will end up paying double the amount or your original mortgage balance back to the bank in interest. I can help you find ways to minimize that, give me a call today. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec.