Food for thought when shopping for a mortgage in today’s market.
” Should you go with a variable-rate mortgage or opt for the old reliable five-year fixed rate? How can you make sure your payments are predictable while also paying down your principal? Are static payments a good idea?”
” A fixed-rate mortgage insulates homebuyers against further rate hikes for the length of the term, but the risk of predictability is that those monthly payments also won’t drop if the Bank of Canada’s interest rate decreases, as they would with a variable mortgage.”
”Before a new buyer locks in a variable mortgage rate, he recommends running a few different scenarios.”
” He also advises buyers to zoom out and take a look at the cost of the entire mortgage with the added interest rate on top to see how different scenarios would unfold over not just the next five years of your term, but also the full 25 years or however long you hold the mortgage.”
To read the full article on the Global News website click on the link: Variable? Fixed? Static? Picking the right mortgage as interest rates rise written by Craig Lord
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