FirstLine Mortgages has reinstated it’s popular Matrix readvanceable mortgage, as well as it’s variable-rate mortgages. These products were suspended last week as funding costs made them too expensive for FirstLine to continue offering.
FirstLine is a division of CIBC.
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Last modified: October 14, 2008
Pardon my ignorance on this subject, but, I am looking for a little advice. I currently have a variable mortgage of prime – .9%. Should I be considering moving to a fixed rate? I really don’t understand this stuff very well.
Thanks.
Hi Jason, Thanks for the note. The best bet is to contact a mortgage planner to discuss your situation. Every case is different. Mind you, prime – .90% is an EXCELLENT rate so if you’re in a good financial position it may make sense to keep floating. Cheers, Rob
Jason, i’m home owner who are on variable mortgage as well and if you look at the data, historical shows that variable always out perform fix rate. ur paying a premium for having it fix but with the current market conditions, it is safe to say the interest rate will stay low for the next little while.
Thanks for the replies, it is appreciated. Related story in today’s financial post.
http://www.financialpost.com/news/story.html?id=879937
We have variable mortgage prime -.4% & we are up for renewal on January 1st. The bank has already contacted us & offers the fixed rate of 5.29. What should we do?
Hi Ewa, It would be helpful for you to speak with a mortgage planner. They will review your situation in detail and make a suitable recommendation. If you do not have a mortgage planner you can check on http://www.CAAMP.org or email us.
Cheers,
Rob