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Hi, I understand the trade offs between open and closed variables, but are the example rate differences typical? I am in an open variable currently at 2.49%. This rate was below prime before the credit crunch so I expect it follow that pattern in the future. In addition I make a regular pre-payment each month ( about 10% of my monthly payment) This seems like a good fit for me, but should I be considering another product? Any advice would be appreciated.
Greetings: My question is, does your Variable Staitjacket analogy apply to Fixed vs closed variable or open variable as well? The reason I ask is that I am in an open variable at 2.49% It has only been at "prime plus .24" since the last BOC announcement. Otherwise it was at prime during the crisis and before that it was prime minus like everyone else. Like many people, I am wrestling with variable vs fixed rate, but my gut is telling me to stay variable. I just need to know where I fit in the larger picture. Any opinion would be appreciated. Thanks