Quote:
Originally Posted by fundmark19
Variable is more than just savings over the near/long term though. It is flexibility which is why I have my mortgages in it. I seem to end up moving every other year and I would have spent a lot of money breaking mortgages or being handcuffed on porting compared the the flexibility of my variable.
Average mortgage is broken every 3 years yet #1 mortgage people request is a 5 year fixed.
Property values in Calgary shot up out of the blue last year great chance to refiance the house to consolidate a business loan at higher interest rates. While reducing my discount on Prime on my variable. Variable gives you the ability to keep locking in better discounts on Prime where as if fixed rates drop your penalty is significantly higher.
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Flexibility is definitely a valid argument. The devil is in the details as you could also port some fixed mortgages, which is another form of flexibility that may be even more rewarding these days.
Everyone can make the best decision for themselves. But gloating about 'winning' with variable is dumb. And bitching when you lose is even dumber, yet here we are.