To lock in or not?
Posted May 31, 2010 12:39 pm.
This article is more than 5 years old.
The Bank of Canada may boost its key lending rate by a quarter of a point Tuesday which has many homeowners wondering what to do about their mortgage. The question is should you go with a variable rate or lock it in?
University of Calgary Economist Dr. Frank Atkins tells 660News, traditionally people are better off with a variable mortgage, but there are many people who prefer to pay a little more for what he calls peace of mind.
He says people need to review their finances and determine what’s best for them.
Dr. Atkins says the good news is because banks want your money, they will gladly tailor a mortgage package for you so don’t be afraid to shop around and negotiate.
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