[Marction]

naz,Aug 2 2005, 07:37 PM Wrote:i am secretly hoping all the people with variable rate interest only mortgages get owned by a rising interest rate/umemployment combo so there will be some sweet foreclosure pickings
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that *will* happen too...dumbasses that can barely afford their payments will be in for a rude awakening when rate go up (Oct. should see the first rise here in Canada).

but...and I don't have the stat handy to back me up...something like 80%+ of people who STAY in variable rate terms end up doing better than people who go with fixed rate terms over the life of their mortgage.

if you can take the ups and downs...go variable...otherwise go long-term, like 7 years (4.60% is easily attainable on a 7 year).