The safe and sound choice in today’s mortgage market is to lock down a rate for five years and let borrowing costs do what they may.
That’s how you should proceed if you’re a nervous first-time home buyer or just holding things together financially as you renew. Everyone else, consider the variable-rate option. While they leave you exposed to rising interest rates ahead, variable-rate mortgages can be cheaper in two important ways.
For more, read this article by Rob Carrick from Globe and Mail:
