Variable mortgages

Variable Mortgages

A common question I get from most clients when discussing getting a variable rate mortgage is “If interest rates go up does that mean my monthly payment goes up to?”   Short answer, No.

Let’s Discuss: Variable rate mortgages are based on Prime, not necessarily lenders raising their fixed rates. Even if prime increases within your term, most lenders will keep the monthly payment the same but adjust how much interest goes towards principle instead of re-calculating your monthly payment altogether. Which usually results in your payment staying the same but the amount going to principal may fluctuate.

Right now is a great time to take advantage of the low variable rates. Another advantage is that you usually are only required to pay three months interest penalty if you end up breaking your mortgage before your term (ie: sell your home or refinance before your term is up) Unlike a fixed rate, depending on when you break your term, it could result in an absorbent amount of dollars in penalty fees. Contact me to learn more about how this mortgage option may be the best for you.

Click Here to book a Free mortgage consultation. • Phone: 647-272-2232
Let’s Talk Options AmandalynFindlay.ca | Mortgage Broker #M16000725
Powered by Sherwood Mortgage Group #12176
-——————————————————

#MortgageBroker #RealEstate #MortgageBlogger #Mortgages #mortgagerates #MortgageAgent #mortgagetools #homegoals #femaleemtreprenure #womeninbusiness #womeninrealestate #mortgagetips #millionairemindset #browngirlblogger #refinance #forsale #businessbabe #justsold #mompreneur #realestateupdate

Realtor Sean Findlay | Century21 Website: www.FindlayRealEstate.ca Office: 905-450-8300