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Mortgage Broker News | 26 Jan 2015, 11:00 AM Agree 0
Recent rate cuts to both prime and fixed mortgage rates will likely have clients considering both fixed and variable rates. Which one will prove to be the best option?
  • J G | 26 Jan 2015, 11:43 AM Agree 0
    The best thing to do is advise your client based on their needs. If a client isn't risky, don't force them into a variable. Some people like the comfort of knowing that payment each month - yes even if it costs them more in interest.
  • Angela Wong-Liao - Invis | 26 Jan 2015, 12:16 PM Agree 0
    I believe variable rate or fixed term rate is subject to each client's needs and financial circumstances. We cannot use one size fits all to assist our clients' needs.
  • Joe Potenza | 26 Jan 2015, 01:01 PM Agree 0
    I fully agree with sentiments/comments with both J G and Angela.
  • Keith | 27 Jan 2015, 04:18 PM Agree 0
    RBC just lowered Prime rate!
  • Alain Payette | 01 Feb 2015, 02:37 PM Agree 0
    There are other aspects to make a choice that needs to be look at. As the penalty of three months on the variable and with the divorce rate as high as it is a lot of couples will sell before 3 years, the capitalization rate is better with a low rate. Is the variable transferable to a fix with a decent rate and no penalty ? Only a virtual bank will transparent on it's best rates when you transfer from a variable to a fix rate.
  • Hamed | 01 Feb 2015, 11:06 PM Agree 0
    But remember for the variable rate the client must be qualify at 5% and some people have to get the fix rate because they can't be qualify for the variable. The greedy banks are still dreaming of rate hike but the realty is the prime rate will go as low as 0% and prime rate as low 2% or less. This low rates will stay for at least next 20 years. If you can't believe it just wait and see.
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