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  1. Tara Wilkins
    2009-11-06 09:45 PM
    Tara Wilkins
    Good evening a16s,

    If you currently have a 5 year at 3.75% saved for 120 days, that is an amazing rate. Currently variable rates are set at Prime = 2.25%. However, the Bank of Canada has indicated that they will not be raising Prime until June 2010.

    If you are the type of person who likes the securityof knowing your payment every week then fixed rate is the best option.

    With the variable rate, you are able to get an Open VIRM at 3.05% for 5 years, which will allow you to pay off any amount per year. It is a great option if you receive large bonus/year or are very active in paying off debts.

    If you are looking at the rates set as of today - my recommendation is to go with a 3 Yr rate. The average mortgage is broken within the first 3 yrs, due to moving, or drop in rates.

    If you have any other questions, please contact me anytime at tara.wilkins@td.com

    Tara Wilkins
    tara.wilkins@td.com
    905-630-4594

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  • Last Activity: 2012-11-21 01:19 PM
  • Join Date: 2008-05-28


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