Did you check for 2yr or 3yr fixed, if it is same or lesser than variable rate then I would prefer 2/3 yr fixed over variable.

Hi,

Thanks for all the responses ..Much appreciated .

Finally went ahead with HSBC 5YF after meeting both at their offices yesterday.

Meridian was gray about penalty and the agent was skirting an explanation till yesterday when they clarified that

a. The only condition in which you can break this VRM is when you sell the house and even then the fixed mortgage rate would be calculated for 3 month at the existing rate then...... This made me lose the flexibility of breaking the mortgage at will .... Plus the dealing person was overly aggressive .

b. HSBC is all set and good to go. Pleasure to deal with them.

c. I was trying for a 2YF of 2.19 with RBC but their person came back to me last week advising me that I did not qualify for a 2YF and only 5YF @ 2.69. However day before yesterday he called me inquiring my status and when I told him I had better options , he promoted $1500 cash back and the 2YF 2.19 rate ..... I felt lacking ethics and said NO.

Moral for next time , start early.

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Fido.

Quote:

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Originally posted by Fido

Moral for next time , start early.

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SS
Reiki Grand Master

Variable gives you a better flexibility and less stringent penalties at any given day.

Fido, I didn't read your post. Congrats! You have become a Millionaire