Quote:
Originally Posted by Mortgage Made Easy
I don't recommend or think that taking a variable rate... and having the option to lock in, if rates rise is a wise strategy. Reason being, by the time you are ready to lock in, the fixed rates will likely have risen enough where it makes no sense to lock in... and you can lose any gain or savings you have made. It is MORE important to take a proactive approach with variable rate then a wait and see approach.... this can yield a greater savings even if Prime rate rises.
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Isn't there also a concern of when you try to lock a variable to fixed, you are stuck talking to one lender who has no reason to give you his best rate? So if you go variable you need the guts to ride it out.