Undecided betweeen fixed or variable? Vancouver try a "wise mortgage"

By
Mortgage and Lending with The Mortgage Centre

Get the best of both worlds! While not as low as 3.69% if a Buyer were to lock in for a full 5 years, it's the way I chose to go with my own personal mortgage.  

The 50/50 Wise Mortgage is here and here's what it is:

  • 3.89% for the 5 Year Fixed portion
  • Prime - 0.20% for the 5 Year Adjustable Rate Mortgage (variable rate mortgage) portion
  • Weighted average rate: 2.97% (assuming prime stays the same)

 Who really knows what's happening with rates these days..they go up, then slide a little back down...personally I love this option as it takes alot of the risk out of mortgaging and you can still lock in should prime jump beyond comfort levels.  

Comments (2)

Scott Leaf Personal Real Estate Corporation
Keller Williams Elite Realty, Port Coquitlam, BC - Port Coquitlam, BC
Scott Leaf & Associates Real Estate Team

sounds like an interesting product

Feb 10, 2010 05:32 PM
Ralna Burridge
The Mortgage Centre - Vancouver, BC

It is! I'm doing one for myself right now...all indications are that prime will be heading upwards but...in the meantime it saves me 200 a month..

Feb 13, 2010 10:21 AM