Financial Channel

So I've moved in with the gf into her condo and she in a variable rate mortgage at the moment. I'm completely ignorant to all this, have always been a renter. Her new statment just arrived adusting her variable rate to 5.2% and I don't even know if this is good or bad, let alone if she should lock in. Her father helped her get the mortgage before I was in the picture.

Can anyone recommend websites where I can go get myself educated on all this?

I want to make informed decisions, as we'll likely be hitched next year, and the mortgage will be mine as well.

Thanks all.

Her rate goes up and down based on the Bank of Canada rate.

Typically, they say over time that the variable rate beats out a fixed rate (Over a 25 year period).

This site may be a nice general overview (Without the bias a bank may have):
http://www.cmhc-schl.gc.ca/en/flash.html

To clarify, her variable rate is based on the Prime Rate that banks set forth, not Bank of Canada. It's true that the Prime Rate is related to the Bank of Canada's Overnight Lending Rate, but ultimately the bank decides what rate to charge on the variable mortgage.

Here's a good article on mortgage rates:
http://www.cbc.ca/news/background/economy/

Some lenders 5yr fixed rates are from 5-5.2%. So right now she's still doing ok. Historically variable is better. Some lenders will usually give prime - 0.85% to minus 1.00% for variable rates. The fixed rates have dropped which shows that the mortgage lenders believe prime will eventually drop aswell.

As for learning more, do a search on google for fixed vs variable, etc.

does she know that you are looking thru her mail?

Is she making you sign a pre-nup to protect her from having to give you half the condo in the event of a seperation?