Quote:
Originally Posted by BOSSY
Hey guys ... thinking about locking in my variable rate -Current rate 2.30 three years left 5 year is 2.69 - 4 year is 2.40... thoughts?
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Hi Bossy -
I might suggest a strategy where you increase your current payment as if you took the 5-year 2.69%. The increase will go straight to principal.
It is suspected that BOC will not likely increase their rates for most of 2017. This strategy is what we do with clients and tends to save them quite a bit.
If the rate changes keep you from sleeping then locking in may be the way to go. If you have 3 years left, find out what the 3 year is.
If you PM me, I could advise what the lender is offering. Regards,
Tim