Variable Rate Mortgages
Interest rates on a variable mortgage change with the bank prime rate. The amount of interest you will pay changes according to the Prime rate. If the Prime Rates goes up, the mortgage interest rate will also go up. If the Prime Rate goes down, the mortgage interest rate will also go down.
There is some risk with a variable rate mortgage but the rewards can be worth it. It is important to note that Variable Rate Mortgages can be locked into Fixed Rate Term Mortgages at any time.
A variable rate mortgage can save you money while also keeping your options open during times of fluctuating interest rates. Variable rate mortgages are designed for clients who want to repay their mortgage quickly and benefit from the lowest interest rate on the market.
Find out how you can benefit from the lowest interest rate on the market!
Fixed Rate Mortgages
A fixed rate mortgage protects you from rising interest over the term of your mortgage. You also have the security of knowing exactly how much your regular payment of principal and interest will be for the term of your mortgage. Mortgage terms can be as long as 35 years now.
Historically, Canada has the lowest interest rates for mortgages in the last 40 years! This is due to our strong economy and strong dollar. The Bank of Canada has stated that the interest rate will be increasing in the near future.
You might want to consider a fixed rate mortgage and secure your interest rates.
Find out the lowest fixed rate that you qualify for!
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