fixed rate mortgage: SHOULD I SIGN FOR A VARIABLE OR FIX MORTGAGES RATE
- 09/15/09 03:09 AM
The question that all mortgage borrowers ask us most often: Is it better to opt for a fixed- rate mortgage or variable rate mortgage? For several years, the classic answer was always: it depends on your cash flow and your tolerance for risk, but the variable rate mortgage or short term has been more advantageous in the long term. Example: During the period 1950 to 2000, a Canadian borrower would have paid on average $ 22 000 in interest over costs on a mortgage of $ 100 000 amortized over 15 years, opting for fixed rate mortgages for five years instead (1 comments)