Quote:
Originally Posted by Engine09
I'm ok with it, really had to fight with them to get that %. I threatened to walk away twice and had to annoy the hell of my broker to get answers, they take their time so you'll get more worried as the renewal date approaches. These guys are weasels, don't be afraid to go back at them.
I was always fixed before and never knew the difference between variable and adjustable, just in case anyone else is reading and wondering. Variable: your payment stays the same but the principle & interest ratio changes and therefore your amortization period changes. Adjustable: your monthly mortgage payment amount changes.
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Prime -0.95% is solid. Mine is -0.85%.
I'm planning on chatting with the bank advisor and looking into converting to a fixed rate in June/July ish based on his recommendations last year. He's been quite honest, so I trust his suggestion. He already advised against a few approaches and has been accurate in those to my advantage. I'll give him the benefit of the doubt. I wonder if he'll tell me to revisit it in Aug/Sept after more rate adjustments or just jump into a fixed around June/July ish.
Rates could keep going down, but peace of mind depending on what he thinks the odds/risks are are also worth it. A full percentage point is going to be <$5K a year for me and if I bet wrong, I'm most likely dealing with an overall difference of <1% for the next 3-5 years anyways for fixed vs variable at worst.