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The banks are telling you to lock into a fixed rate, should you question it?

April 29, 2010

Bank experts are saying that it’s best to lock into a fixed rate mortgage and not to go variable but is that the right choice? Remember, banks typically make more profit when you choose a fixed rate mortgage vs. a variable rate mortgage so they are a bit biased in their advice to clients that are interested in choosing a variable rate mortgage. Speak to a mortgage broker, they are independent and will give you a mortgage strategy that is right for you and not your bank. Get the facts before making your decision; it can save you thousands of dollars.