Quote:
Originally Posted by CalgaryFan1988
- try and put down 25 percent of the mortgage when you buy. It saves you paying the Canadian Mortgage Insurance (which is an additional charge on top of your mortgage for insurance).
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Actually, it's only 20% dp to avoid mortgage insurance now. Variable is still currently a popular product prime +.80 currently and 5 year fixed also dominates and where you'll find the deepest discount. I really don't see rates going down much lower, so if you want stability, I would go with 5 yr. Otherwise, you could gamble with a variable.