"Teasing Me, Is Not Pleasing Me"

Teaser rates on variable mortgage products looked great at the beginning. Borrowers are starting to come out from the affect of the ether and waking up to a rate that is in some cases DOUBLE from where they started. A lender would offer ½% to 1.0% below Prime rate (currently just increased to 8.25%) for say the first six months then go up to say just Prime. There were multiple combinations offered to attract the borrowing public. Subliminally, just barely below the human ear range, the song plays, “Those were the days my friend, I thought they would never end…” Now, with the current changes and movement of rates, the song “Wake Up Little Suzie…” is blasting for all to hear. No subtly here. What to do. Many fixed rate mortgages are less than the Prime rat View the rest of this article


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