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Yappin Tappin · 01-21-2015, 05:45 PM

Hey guys,

With this drop in the interest rate, I was wondering what some of your thoughts are on going for a fixed rate for a mortgage? I know the common thought process is over the long run a variable rate is the better way to go, but with the rate being so low now would choosing a fixed rate be a smart move or would variable still be better?

Also, do you think now would be a good time to purchase my first home or should I wait a bit more? I've read a few articles after the oil prices dropped saying they expect housing prices will stay roughly the same in Alberta this year. I currently would be close to affording 20% down for a house around 400-450k, so should I strike soon?

Sorry, I'm not the most knowledgeable when it comes this stuff so I'd love to hear everyone's thoughts.

Thanks!

01-21-2015, 05:45 PM	#38
Yappin Tappin Farm Team Player Join Date: Jul 2009 Exp:	Hey guys, With this drop in the interest rate, I was wondering what some of your thoughts are on going for a fixed rate for a mortgage? I know the common thought process is over the long run a variable rate is the better way to go, but with the rate being so low now would choosing a fixed rate be a smart move or would variable still be better? Also, do you think now would be a good time to purchase my first home or should I wait a bit more? I've read a few articles after the oil prices dropped saying they expect housing prices will stay roughly the same in Alberta this year. I currently would be close to affording 20% down for a house around 400-450k, so should I strike soon? Sorry, I'm not the most knowledgeable when it comes this stuff so I'd love to hear everyone's thoughts. Thanks!