So I had a meeting with my broker last evening, She is offering me 4.25% for 6 months and then it would be 5.6%. Its variable with 3 year term reviewed quarterly ( as opposed to 8 times a year ). Another product is Prime - .95 ....
I was pre-approved ( before the rate increase i.e in dec ) for 5.09 ( 5 year fixed ). I asked for other details and basically she is saying that i can pay up to 20%/month over my regular payment and 54K/per year on top of that 20%. I am thinking of opting for variable ?? wondering if this is a good deal ? anything I am missing and should be careful about ??
Thanks
ps: I had posted this question as part of another discussion but thought posting new would give it more visibility ...
Quote:
Originally posted by arcrave
So I had a meeting with my broker last evening, She is offering me 4.25% for 6 months and then it would be 5.6%. Its variable with 3 year term reviewed quarterly ( as opposed to 8 times a year ). Another product is Prime - .95 ....
I was pre-approved ( before the rate increase i.e in dec ) for 5.09 ( 5 year fixed ). I asked for other details and basically she is saying that i can pay up to 20%/month over my regular payment and 54K/per year on top of that 20%. I am thinking of opting for variable ?? wondering if this is a good deal ? anything I am missing and should be careful about ??
Thanks
ps: I had posted this question as part of another discussion but thought posting new would give it more visibility ...
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
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