To Stay or Go

To Stay or go?

Most of us are familiar with the classic song by The Clash ” Should I stay or should I go”. Well right now that applies to those of us in variable rate mortgages. There has been a lot of nervousness about staying in a variable rate and riding out the Bank of Canada rate announcements or bailing and going for a fixed rate.

There are a few things that you should look at if you are deciding to convert to a fixed rate.

  1. What is your current discount to the prime rate, and is the rate for a comparable fixed rate higher than what you are currently paying.
  2. Look at your mortgage statement and see if you are still paying interest & principal. If you’re not because of the recent rate increases it may be time to either increase your payments or consider the switch.
  3. Lastly it boils down to peace of mind. If you are comfortable with rate movements ( there may still be more) and you like the flexibility then stick with it. Otherwise if you are stressing about it then for your own good it may be time to convert to the fixed.

As with all the advise that I provide to my clients regarding mortgage financing, I can only provide the options for you to consider as at the end of the day it’s up to you decide what you want to do.

Should I stay or should I go now?
Should I stay or should I go now?
If I go, there will be trouble
And if I stay it will be double
So come on and let me know…… 3rd verse from should I stay or should I go which is somehow appropriate when considering your mortgage options.

Today I am thankful for the warm and windy morning, colleagues who are available to help when challenges need to be brainstormed and early morning calls from my daughter telling us about her day.

I look forward to hearing from you in regard to your mortgage needs.


p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here