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I have the same question as "C" for a mortgage newbie such as myself. Also for the strategy that 'Bob' shares above wouldn't this be only effective if prime rise in the next few years rises slowly? Cause if rates spiked then the amount put toward your pincipal would obviously decrease. Would be cool to try and plot this based on the data that Rob shared. Outside of a fixed payment and rate isn't one of the benefits of a 5yr fix knowing exactly how much principal you will be able to pay off at the end of your term (factoring in planned lump sum/extra payments)? Thanks...
Hi Rob and others... Another newbie question on "Readvanceable Mortgages" what typically is the repayment term on the LOC portion of your loan? Thanks!
So question then being a first-time home buyer! If I were leaning towards variable and am able to put 20% down would signing up for a 35 year mortgage but making payments equivalent to a 25 year one help alleviate some of this concern of where rates are headed moving forward? Couldn't I adjust my payments and scale back on the additional payments if due to interest rate hikes things got tight?
Hi Rob or others... Where you say above get your "application" in soon. What if I only have a rate capp at a certain institution but have not applied for a mortgage isn't this ok???