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Fixed vs variable rate mortgages. The train is on the track Toronto!

Blog by Tridac Mortgage | March 16th, 2010

When you were a kid, did you stand on the the train tracks peering into the distance waiting for the coming train? If so, suddenly, in the distance, a single light appeared suspended in mid air. A massive train hurdling towards you sent your heart racing. It was the ultimate game of chicken. How long could your nerves last before you had to step off those tracks and into safety? While mortgages are nowhere near as exciting as that childhood thrill, we can draw a parallel to the game of chicken and staying in a variable rate mortgage today. 

Current economic data indicates that the era of historic low mortgage interest rates may come to an end promptly. Now might be a good time to reassess your mortgage to determine if it is time to lock in. It's currently possible to lock your variable rate mortgage into a 5 year fixed at a rate anywhere between 3.89-3.99%. The train is on the tracks… what will you do?

Mortgages are very dynamic and the guidance that we offer is based on the circumstances of each individual. If you would like to review your Toronto mortgage to make sure that you are still on track call us to have a quick chat. 416.461.0204