I’ve had some inquiries about taking a 1 year and 3 year fixed rate…and for good reason. A 1 year fixed rate can be had for about 2.50% and a 3 year fixed rate is 2.90%. This does make going with a shorter fixed term an attractive option if Bank Prime rate continues to increase.
Best Variable rate is around Prime less 0.65% or 0.70% for qualified applicants with some conditions…. that puts the Variable rate at 2.30% or 2.35%…
I like Variable rate mortgages for many reasons but these shorter, fixed terms can be a good alternative.. Make sure you understand all the terms and conditions… speak with a qualified Mortgage Broker.
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.