HomeMortgageIncorrect Scotiabank advice leads to $400 monthly mortgage increase

Incorrect Scotiabank advice leads to $400 monthly mortgage increase

If something seems too good to be true, it probably is. From free condos to suspiciously cheap rentals, the adage is never more true than in the world of real estate.

For Vancouver resident Ashley Leung, the saying pertains to a variable rate mortgage.

Leung and her fiancé, Stephen, bought their first home together in February. While shopping around for a mortgage, they spoke with a home financing advisor at Scotiabank. After discussing their options, the advisor suggested a variable rate mortgage.

With murmurings of impending interest rate hikes, the couple understood there were risks involved with pursuing such a path. However, Leung said the advisor told them that regardless of any hikes, they would still pay a fixed amount every month.

“He told us what would happen [if rates rose] is that more of what we pay would go into interest, but our payment each month would remain the…

Read more at dailyhive.com

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