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Lock in mortgage rates?

G

Gimli43Orcs

Senior member
Is now a good time to lock in a mortgage? Theres about a 2% difference now between my variable rate mortgage compared to a 5yr fixed rate. Damn tough to pay 2% more to lock it in, but then i dont have to worry about it going up all the time
 
Ummm.... more information is needed. Never heard of 5yr fixed, only 15 and 30. Please explain. At least for me, no desire for a variable rate mortgage, I owe too much money to risk rate fluctuations.

jeremy777
 
Is property really cheap or something? In the U.S., most people get a 15 or 30 and have a pretty decent payment. Not many folks can pay off a house in just 5 years. Everyone does what works for them, just remember, miss the payment = lose your home, that is why so many people opted for fixed rate.
 
we dont pay off the mortgage in 5 yrs. Its actually amortized over usually 25 years. Basically u have to renew it every 5 yrs until you pay it off in 25
 
2% seems like a big premium for a 5 year lock, perhaps you need to look in more places. If rates jump, it seems to be a matter of being screwed immediately or just at the end or your term. Neither situation would be very happy.
 
Interest rates are getting kinda high now, they're already .75% above what I got as a 22 year old first time homebuyer.
 
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