One of our Lenders, Firstline, sends out a monthly update on Interest rates .. click here FLM-Historical- Rate-Sheets-May 2010 . The Charts go back 25 years… some very interesting patterns… Overwhelming data that shows Variable rate or short-term mortgages really do outperform Longer term fixed rate products…
Another benefit is a fixed or reduced mortgage prepayment penalty…. (anyone with a longer term fixed rate could face enormous penalties of 6, 7, 10 or even 12 months worth of interest)…. Variable rate or short mortgages usually have penalties of 3 months interest or less.
Not sure where you fit in? Call me anytime with your questions or comments.
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.