TD Bank is offering an aggressively discounted variable mortgage rate of 2.45%—which is 1.15% below its prime—but are there better deals out there?
The bigger question to ask is...should I go variable or fixed?
I personally go variable and the reason being :
- The penalties are lower in case you want to sell your property or flip it
- You have flexiblity and you can always fix your rate if you are worried of rates going up
- You get a better rate than the current 5 year fixed rate.
I personally have always done well in Victoria BC, using a variable mortgage product and recommend, only what I would for myself to my clients as well.
If you want peace of mind, however then go with the fixed rate all the way but first make sure you do need to sell your property during the term of your mortgage or you will pay big penalties to get out of your fixed mortgage.
Any questions feel free to contact us, we love to help.