by Colette
(Cornwall, ON, Canada)
Ask Kate: Lock Interest Rate
Should I lock my interest rate? My bank in Canada is suggesting a home mortgage that is a 5 in 1. I might have that backwards! Essentially you lock in for 5 consecutive one year terms, I think.
The 1st year is 2.75%, the 2nd, 3rd, 4th and 5th year is -.5 off prime. I can convert anytime to a longer term if I see the rates are going up.
For example, if I have 4 years left, I can lock in for 5 years.
Do you think this is a good idea? Or should I lock my interest rate in right now for a 5 or 10 year term since the current mortgage rates are so low?


30 Year Fixed | 15 Year Fixed | 20 Year Fixed | 25 Year Fixed | 40 Year Fixed | Hybrid | Interest Only
Get-Your-Best-Mortgage-Rate.com is getting a facelift!
Please bear with me! The content is identical so continue to browse. I'm working as fast as I can to finish up!
I'm grinning. Hope you're enjoying the new look too!
Your friend,Lock Answers by Kate - Learn the nitty gritty inside story of locking your mortgage rate.
Refinance Answers by Kate - Refinancing brings out opinions, for sure! Get the facts here.
Answers by Kate For Seniors - Reverse Mortgage, the unique income answer for retirees.
Home Buying Answers by Kate - Learn how to buy a house. Unusual facts to aid your home buying experience.
Credit Answers by Kate - Improving credit could change your life. Find how to get more than temporary results.
FHA and VA Answers by Kate - Clear the fog. The low down on VA and FHA loan requirements.
PMI Answers by Kate - Private mortgage insurance, friend or foe? Do you know how to get rid of it?
ARM Answers by Kate - Do you have an adjustable rate home mortgage? You can ask Kate for help.
Loan Modification Answers by Kate - Unique help for modifying your mortgage. Make sure you don't miss this.
Website Answers by Kate - Yes... Readers even ask Kate how to build a website.