Hi there,pakaveli wrote: ↑ Thanks for the information, Connor. I got this rate from a mortgage broker this past Friday, it wasn't directly from Scotiabank, so I'm not sure if that makes a difference.
Initially, I had my mind set on a fixed mortgage, however, after doing some reading, I feel like variable seems like a good option as well. Especially if I could possibly get some like p-0.90%.
If we were to see variable rates going up and I switched to a fixed rate, aside from the fact that I would get a higher fixed rate, are there any other downsides to switching during your mortgage term? Are they any fees/penalties?
Unfortunately, it is extremely unlikely that this mortgage broker has 3.09% from Scotiabank, obtained a week ago. Do you have anything in writing? Their rates have been well over 3.29% for quite some time. You may want to double check with the broker you're using. As for the costs to lock in - there usually aren't any, in some cases there is an administration fee. It's worth noting that you wouldn't get the highly discounted rates that the same lender is offering. Instead you would get their standard fixed rate.
Concierge Mortgage Group