Looking for the right mortgage to fit your needs can be an intimidating and a time consuming task. As a Mortgage Agent, I can assist you to find and negotiate the best mortgage available that will suit your requirements from the numerous lenders that I have access to.
With my training and knowledge, I can navigate you though the ever changing world of mortgages and lenders that are available to assist you in obtaining the optimal mortgage solution. Together, you and I can tailor a mortgage that will fit your financial objective for today and tomorrow.
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CTV Morning Live: Mortgage Minute - May 17
Date Posted: May 18, 2016
Frank begins speaking about mortgage terms and what the word "term" means.
Mortgage Term - Is the number of years or months over which you pay a specific interest rate. Term usually ranges from 6 months to 10 years.
This should not be confused with the amoritization period this is the time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, depending on the lender.
Frank then discusses the difference between fixed rate vs variable rate mortgages.
Fixed Rate Mortgages - Is when a mortgage for which the rate of interest is fixed for a specific period of time (the term).
Variable Rate Mortgages - Is when a mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage.
If you are not sure which mortgage is right for you contact one of our qualified mortgage brokers to discuss all of your options.