November 2010 Archives
November 2010 Archives
Have your cake and eat it too: A variable rate mortgage where payments are “fixed”.
I consider myself to be a smart person who sometimes does dumb things with money. Five years ago I signed up for a variable rate mortgage (smart), but as interest rates declined over the last few years my payments declined too (dumb). This was dumb because I could afford the higher payment and did nothing with the money that I was saving on interest every month. I only realised this as I sorted out the details of my mortgage renewal and learned that there was a simple way to have your cake and eat it too.
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