''Should I get a variable interest rate or a fixed interest rate?” Choosing the wrong type of mortgage can be detrimental to beating debt in the long run.
Fixed and variable mortgage rates affect more than your mortgage payment. Dominion Lending Centres Expert Financial at optimalfinance.ca , Principal Broker Lorne Andrews explains the differences between the two types of mortgage.
Lorne Andrews gives the distinction between the two and why you must consider one vs the other type of mortgage. Most people would think that a fixed-rate mortgage is superior to a variable-rate mortgage, but this is not always the case.
Once you’re considering a fixed-rate vs. variable-rate mortgage, Lorne explains why you should get one of the two types of mortgages. Fixed Rate Vs Variable Rate Mortgage
In conjunction to that Bank of Canada has recently increased mortgage rates by half a percent. This is the biggest rate increase in 22 years. Understandably people are freaking out and are afraid of the sudden hike in interest which also affects Ontario Canada real estate.
So you might be wondering ''Will the Canadian real estate market crash in 2022?'' and ''Is it better to go to fixed-rate compared to a variable rate for your next mortgage?'' , ''Fixed Rate Vs Variable Rate Mortgage?''
Home prices in Canada have officially doubled under Justin Trudeau Because of many factors, including inflation. What would happen with the property market in Canada Ontario and is good to invest in real estate or totally avoid buying a house or investment property?
I'll answer all of these questions and more so watch till the end to prepare for the potential Canadian real estate bubble and what is better between a Fixed Rate Vs Variable Rate Mortgage .
----------------------------------- 👋 Let's connect by phone or zoom at a time that works for both of us. Click the appointment link 👉👉 https://www.optimalfinance.ca/index.php/contact -----------------------------------
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✅ Markets Served: Greater Toronto Area; All Ontario Regions 🏢Address: 5780 Timberlea Blvd, Unit 106 Mississauga, ON L4W 4W8
📢 Our Motto: Get a Better Mortgage. ''We're here to help first-time homebuyers, mortgage renewals, refinancing, and more.''
🔍More About Lorne Andrews (Principal Broker) ''Working for you, not the Banks'' As a home loans strategist, my role is to help you architect a custom home loan solution that meets your short-term and long-term goals. With access to over 50 lenders, we can provide you unbiased advice and create a financing strategy that allows your mortgage to work for you instead of you working for it ultimately giving you financial peace of mind.
📈 More About Fixed-rate mortgage A fixed-rate mortgage (FRM) is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float".
The payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on this fixed cost.
Other forms of mortgage loans include interest only mortgage, graduated payment mortgage, variable rate mortgage (including adjustable-rate mortgages and tracker mortgages), negative amortization mortgage, and balloon payment mortgage. Unlike many other loan types, FRM interest payments and loan duration is fixed from beginning to end.
