[drattom]

Hello guys,

I actually have an ARM mortgage and when I asked to fix the rate, the bank asked me to reduce the amount before. The choice was sell my parking(I don't have a car) or some gold, easy one.

The legal papers for the parking sell will be completed next week and my banker(good friend but, PO denier) suggest me to get a pre-approve mortgage so I continue to get the lower rate and when interest rates rise I switch to my pre-approve fix mortgage.

With canadian bank law, they are forced to respect them and it's valid for 6 months. I'm not sure if it's a safe move, they can invent any excuse to delay the switch after the 6 months. Because my banker is a good friend, I'm probably safer about this.

The advantage would be to save money before trouble begins and repay other debts, buy more silver, seeds, food....
I can also switch whenever I want like in october, just before Deffeyes prediction.

Anybody(especially canadians) ever thought about it?

[strider3700]

I found it too risky and difficult to make the switch. They couldn't tell me how easy it would be to switch or how long it would take or anything so I just locked in when I bought last november. my take on it is 5.6% is a damn fine rate if you in recent history and I'd have locked for 25 years if I could have.