On April 21, 2009, the Bank of Canada decreased the Prime Rate to a record low of 2.25%. What does it mean for homebuyers?

Fixed or variable rate?

One of the first questions that come to mind is whether consumers should go with a fixed or variable mortgage rate. In fact, it's a very topical subject these days given the mortgage market and one open to debate.

In our view, a variable rate can be an attractive option for those that can stomach uncertainty and a rate that fluctuates over time. And while some predict that rates will be kept at the current low level into next year, some consumers prefer a more stable option. If you happen to be one of them, there are also many interesting longer term options.

What's best for me?

The best piece of advice in these uncertain times remains to discuss your personal situation with a mortgage specialist. They are the best ones to help you develop a plan that suits your particular situation and help you get mortgage free sooner.

Whether you're looking to buy your first home or considering refinancing, working through your options with a specialist will help provide you with the facts you need to make an informed decision.

Educators Financial Group mortgages are facilitated by Paradigm Quest Inc., broker license 11017.