Mortgage Renewal Question
Hi all,
My wife and I have our mortgage renewal coming up soon.
Currently:
Scotia
Closed 3-yr Variable = Prime - 0.75
Expires: Sept 27, 2013
Mortgage since 2006.
Question 1: Since we got married a few years back, I didn't get my name added to the Deed of the house. So far, for mortgage purposes, my name isn't on anything either.
Would it be better (more leverage to get a 'better' than posted rate) if I sign on as a co-signer for the mortgage thus getting the benefit of my income being recorded/credit score (>800), or it won't really make a difference given my wife's good/adequate credit score, and history of already having a mortgage?
Question 2: Seems like Fixed rate is the way to go nowadays? Given the small spread between Fixed vs Var, and rising short-term rate pressure?
Thanks in advance!
My wife and I have our mortgage renewal coming up soon.
Currently:
Scotia
Closed 3-yr Variable = Prime - 0.75
Expires: Sept 27, 2013
Mortgage since 2006.
Question 1: Since we got married a few years back, I didn't get my name added to the Deed of the house. So far, for mortgage purposes, my name isn't on anything either.
Would it be better (more leverage to get a 'better' than posted rate) if I sign on as a co-signer for the mortgage thus getting the benefit of my income being recorded/credit score (>800), or it won't really make a difference given my wife's good/adequate credit score, and history of already having a mortgage?
Question 2: Seems like Fixed rate is the way to go nowadays? Given the small spread between Fixed vs Var, and rising short-term rate pressure?
Thanks in advance!