Now, Now, NOW!!!!! You should immediately lock your mortgage if you haven`t done so. The mortgage rates can`t be any lower or the Canadian economy will blow. The rates can not be so low with todays economy. Locking your mortgage for 5 year fixed with a good rate will only benefit you in the future.

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.

Hello Irfan, the popular school of thought is variable rate mortgages will provide you savings over a fixed mortgage over your 5 year term. Only one time existed that the above statement was not true. The fixed terms before March 31 2010 were so low that locking in your mortgage was a really good idea and would have been the better choice. Now that the fixed rates have risen the variable is the more popular product. One thing you should be asking yourself is how much discount do you have on your variable rate mortgage. If your variable rate is higher than prime - 0.4% please contact me so I can show you how you can save money over the rest of your term. Abraham Niyazi Mortgage Agent Easyrate.ca 416-993-4082.