When choosing a Canadian mortgage, whether you're buying a home, renewing a mortgage, or refinancing, what should you choose? A variable rate? A fixed rate? Maybe both?
Darren Quilley from First Foundation explains...
Variable Rate Mortgages - Great for Savers!
Historically variable rate mortgages have saved Canadians money approximately 9 times out of 10.
Perfect For:
- Anyone who wants to save as much money as possible, but also have some security.
- Anyone who is fine with fluctuations in the length of their amortization period
Product Features:
- Rates linked to the lenders’ prime rate.
- Monthly mortgage payments remain the same.
- The amount of your monthly mortgage payment going towards the principal of your mortgage increases and decreases as rates change.
- Interest rates compound monthly.
- Great prepayment options.
- Higher risk = bigger savings.