My Blog
The 5 Year Lock-In is Back
Written by Margaret Johnson | Wednesday, 18 January 2012
The Bank of Montreal’s January 12th 2012 media-attracting announcement of 2.9% interest for a 5 year mortgage sent a few shivers up and down my central nervous system. Why? Because I remember all of those locked in mortgages in the early 1980s – where people rushed to get locked in at extremely high rate mortgages at 18% or more because of fear.
Fear is a great motivator. Especially when it is disguised as a great opportunity to protect yourself from something bad like interest rate hikes – just lock-in now for 5 years.
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