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@Ontario

Very mis-leading.

rollor(Rollor)
With any kind of mortgage, you pay for what you get.

Variable might be open or closed, and you usually pay a higher rate for the flexibility of open.

Fixed rate protects you against rate hikes, but you pay for the protection (which is very likely less than what you paid, over long period of time, say 20 years).

Go to the website of Bank of Canada to study interest histories, you will understand what I mean.

Prime - 0.75 will save you a lot that any fixed rate plan. And some said they could get prime - 0.80, which is much better.

However, if you are planning to sell you house within 5 years, or to win a lottery very soon, you may ask for open plan, with a higher rate. Do a calculation, see how much more interest you will pay, and compare with how much panalty you would be charged under an closed plan.

In addition, if you are running a business and need a steady pace of expense, despite it may be more than necessary, you may choose a fixed plan.

Click on the URL to read more.
(#2056975@0)
Last Updated: 2005-1-4
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Replies, comments and Discussions:

  • 枫下家园 / 住房话题 / I got the rate prime -0.75% 利率 .另外BROKER WILL GIVE 200$. 不知有没有更好的 -8548(rosy); 2005-1-1 (#2053252@0)
    • P-.75 is only the Variable rate, actually, it is not the best way. you can give a call to Nina, tel#:905-513-0520 after January 4 to know the detailed info. -369852147(开开心心); 2005-1-2 (#2054650@0)
      • 说来听听, 为什么"it is not the best way"? -sq1(土肥圆,土,且肥还圆); 2005-1-2 (#2054836@0)
        • It seems like a good deal. However, there is no protection for Variable Rate Mortgage in case interest rate goes up. And Variable Rate is different with -369852147(开开心心); 2005-1-2 {300} (#2055266@0)
          It seems like a good deal. However, there is no protection for Variable Rate Mortgage in case interest rate goes up. And Variable Rate is different with Open rate, for Open rate, you can discharge mortgage at any time, but for most of banks, that is not allowed to free discharge under Variable Rate.
          • Very mis-leading. -rollor(Rollor); 2005-1-4 {1011} (#2056975@0)
            With any kind of mortgage, you pay for what you get.

            Variable might be open or closed, and you usually pay a higher rate for the flexibility of open.

            Fixed rate protects you against rate hikes, but you pay for the protection (which is very likely less than what you paid, over long period of time, say 20 years).

            Go to the website of Bank of Canada to study interest histories, you will understand what I mean.

            Prime - 0.75 will save you a lot that any fixed rate plan. And some said they could get prime - 0.80, which is much better.

            However, if you are planning to sell you house within 5 years, or to win a lottery very soon, you may ask for open plan, with a higher rate. Do a calculation, see how much more interest you will pay, and compare with how much panalty you would be charged under an closed plan.

            In addition, if you are running a business and need a steady pace of expense, despite it may be more than necessary, you may choose a fixed plan.

            Click on the URL to read more.
    • suggest u to shop around. actually most banks have the rate (-0.75), but some banks have fully opened variable rate which is better than the closed varialerate.do be locked just for $200. -homemaster(假鱼干); 2005-1-3 (#2056544@0)

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