MORTGAGE

What is a fixed rate mortgage?

The interest rate on a fixed-rate mortgage is set for a pre-determined term — usually between 6 months to 10 years. This offers the security of knowing what interest you will be paying for the term selected. However, your interest is locked so if rates go down you may pay more than the market rate. But if rates go up you are secure.

What is a variable rate mortgage?

A mortgage in which payments will fluctuate month to month depending on the prime interest rate. If prime goes up so does your payment but if it goes down you pay less. Also, variable rates are usually lower than fixed rates but again can go up or down. Nobody has a crystal ball.

How can you pay off your mortgage sooner?

There are ways to reduce the number of years to pay down your mortgage. You’ll enjoy significant savings by:

• Selecting a bi-weekly or accelerated payment schedule
• Doubling your payments on a given month if you have the cash
• Making principal prepayments of up to 15-20% depending on your mortgage contract
• Selecting a shorter amortization at renewal

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Toronto, ON M5M 4B2

Phone:

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416-441-2888 ext. 614

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This is not intended to solicit buyers or sellers under contract with a Realtor All information and data, some of which may be provided by third parties, including neighbourhood, demographic and statistical data is provided for general informational purposes only and is not professional advice (“Information and Data”). Information and data is provided as is, with no warranty of any kind, nor guarantee of completeness, accuracy, or timeliness. Reliance on any Information or Data is at your sole risk. The Print Market, authors, agents and brokerages are not liable for any errors or omissions, or damages of any kind, including negligence. No information or data constitutes a solicitation of buyers or sellers under contract.