logo with 'Live a Monster Life'
Call us at 416 480 0234

What to Consider When Your Bank Comes Calling

August 13, 2013 Mortgage Expert Kristian Harris talks about an issue that many Canadians face in today’s mortgage market – the urging of their bank or bank representative to lock in their historically low variable rate mortgages.

In today’s market, there are a number of home-owners still enjoying variable rate products of Prime – 0.75% (2.25%) or better; a rate that is no longer offered in the Canadian mortgage market. Often times home-owners will call us at and will talk about how their bank has contacted them in regards to changing their 2.25% variable rate mortgage into a fixed rate mortgage at today’s fixed interest rates of 3.50% or higher.

Kristian discusses the banking institutions’ thinking behind this and asks the question, “Why didn’t my bank call me to offer a lower variable rate when I was carrying a higher fixed interest rate?”

Before making a move to lock in your variable interest rate mortgage, give your local mortgage professional a phone call and ask them to assess your mortgage situation for you. If you have any mortgage questions of your own, e-mail directly at or leave your questions here.