Hysteria over Rate Increases

I have received several calls over the last few weeks from people wondering if they should lock in their mortgage. I have two opinions on this. My first thought is that locking in is a personal choice that a home owner must make about their comfort with the market. My second opinion is that I will not be locking in my personal mortgage. I currently have a variable rate on my primary residence mortgage and I do not believe that the increase in rate to lock in is worth it even when considering the pending increases to the prime rate next year. I always encourage my clients to overpay their mortgages, at least a little bit, and having a low variable rate means that you can pay down your mortgage faster and easier. If you look at the history between variable and fixed rates, people with variable rates have saved more money than those who are locked in. The choice is yours and I am happy to help you make a decision. Call me today for a complimentary review!