Should you lock in your mortgage rate or stay variable?
An insightful article on the Canadian Mortgage Trends site discusses the pitfalls of trying to pin down market factors and interest rate changes over both the short and long-term. The reality is that while we all wish we had that proverbial "crystal ball", it simply doesn't exist.
As mortgage brokers, we are constantly being asked to predict the unpredictable. Forecasts, especially long-term forecasts, should be taken into account, but with one caveat: the farther out the forecast, the less likely it is to be accurate.
It is important to remember that, in any economic times, YOUR long-term financial goals are the most important factor. From this, you can structure your mortgage term, and mortgage features, to best position yourself to achieve those goals.
Photo credit: [c] Adrian Van Leen for openphoto.net
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