Fixed mortgage rate vs variable mortgage rate? Which one is better?

[笑傲江湖]

It is a good deal but not great! :smokin:

最初由 丫丫 发布
unless you say 4.75% is REALLY A GREAT DEAL

 

[挺傻]

最初由 xyz139 发布
It is a good deal but not great! :smokin:

But I guess it's almost the bottom line for those chartered banks.

 

[笑傲江湖]

So far, my effective rate for 5-year is 4.66% (4.9% with 1% cash back immediately apply to the priciple).

 

[Runyao]

最初由 xyz139 发布
So far, my effective rate for 5-year is 4.66% (4.9% with 1% cash back immediately apply to the priciple).

Is this rate for 120d closing? Another question: do we need to get more than 1 mortgage preapprove from different banks since i got one from scotibank but not quite good.

 

[笑傲江湖]

No, this one is guranteed until the closing day... for me, it is about 12 months... Regarding whether you need another pre-approval, that totall depends on you! For me, one pre-approval is good enough since you are not obligated to that lender... later on closer to your closing date (within 120 days), you can shop around for a better rate... Why worrying it now?

 

[happy]

keen_observer: which bank gives "Prime less 0.75%" ?

 

[笑傲江湖]

TD