Quote:
Originally Posted by oilers_fan
If you get a variable rate, can you lock it into a fixed at any time at the current variable rate?
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Typically you can lock into a fixed term from a variable rate without penalty if:
1. The fixed interest rate is higher then the variable rate.
2. The term of the fixed rate is equal to or longer then the remaining on the variable.
You don't get to lock it at what the current variable rate you have is, though.
Most places don't explain how you can lock in your variable rate mortgage if things start to head north.
Every lending institution is different and I would encourage you to ask good questions before signing anything.