By Robb M. Stewart OTTAWA--Employment in Canada expectedly fell in May, nudging the jobless rate higher for the month. Statistics Canada reported Friday that...
It won’t be enough until they see foreclosures. Just hope they stop tightening before you’re up.
Currently my biggest fear.
We make good salary and have a mortgage half the amount the banks approved us for.
But we took bad advice from our broker to take variable when the rates were at 5% fixed because “they can’t keep it this high for long so it’ll come back down. You don’t want to buy high and sell low”
Hoping trusting that advice isn’t enough to sink us.
It won’t be enough until they see foreclosures. Just hope they stop tightening before you’re up.
Currently my biggest fear.
We make good salary and have a mortgage half the amount the banks approved us for.
But we took bad advice from our broker to take variable when the rates were at 5% fixed because “they can’t keep it this high for long so it’ll come back down. You don’t want to buy high and sell low”
Hoping trusting that advice isn’t enough to sink us.
I guess you can’t lock in?
I can at 1% higher than my rate… so 7%
I’ve got over 4 years left in the term.
I dont know what the right decision is because if it doesn’t actually go up again then we’re paying insane interest for the whole term.
I’m again worried about the “buying high, selling low” due to fear on my part
Oof. That is punitive. Your mortgage broker gave you terrible advice.
Yup. I honestly don’t know what to do and don’t know who to trust at this point.