From page 51 But what if rates jumped a full point in the second year of the five year period? Well that means that for the third, fourth and fifth of your one year terms you would be stuck with an interest rate of 7.3%, But in the first nwo vears you have been paving down your principal each month with the money vou have been saving. Therefore even with the higher interest rate of 7.3%, your required monthly payments in the last three years of the mortgage would still be less than with the five year term. As a result, for those three years you can continue to apply an extra payment to your principal every month and at the end of the five year period your outstanding morstgage balance will be $90,432 which is $555 less than yeu would have owed at the end of the five year term mortgage. $o in this example, even though interest rates jumped a full point, you are better off having raken the one year terms. Clearly if rates go up by much more than one per- centage point your will be worse off having taken the one vear terms. For example, if rates jumped a full wo percentage points in the second year so that vou had to pay a rate of 8.3% for the last three vears, your monthly payments would be $747 and vou would end up with a mort- gage balance that is $486 higher than under the five year term. This would be costly but for most people it would not be d tating. In deciding which mort- gage term to take, you have to weigh the benefits and risks and decide which option you are most comfortable with. If you like the idea of a car mortgage with i lower rate but you are afraid age Sa that rates might go up, you could take the one year term bat make the higher monthly payments that you would have had to pay with the five year term. In that way you will be paying off more of the principal in the first vears of the mortgage and asa result vou will be less vulnerable to higher rates. The mortgage decision is a personal one and depends, among other things, on your financial situation, your toler- ance to risk and your forecast of what is going to happen to int ost rates. 'm not recom- mending that people take 2 shorter mortgage term. Pm just trying to make sure that the short term option gets equal time in the information that is given to consumers. ~~ Trent Appelbe is an economist and a real eaate agent with Sutton Group - West Coast Realty. He can be reached at 838-7822 or by e- mail via his Web site at . VanDusen hosts garden show VANDUSEN Botanical Garden is welcom- ing the world to the Sixth Annual Flower & Garden Show, June 4 to 6. The show, which has grown to become the largest outdoor flower and garden. show in North America, attracts more than 30,000 vis- itors over a three-day period. 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