Is The Bank Of Canada Going To Raise Rates Again?
The Canadian Real Estate Investor
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How to Switch From Variable Rate to Fixed Rate Mortgages
Some lenders allow you to convert your variable rate mortgage to a fixed rate during the initial term. This is what is called an open mortgage. It allows you to pre pay and full. These are super rare, by the way, and change to another mortgage term at any time with no penalty,. Similar to an open variable rate, except you have a fixed rate. So let's talk about closed fixed rate mortgages as well.
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