Michel Cyr, AMP
Because I study mortgage rate markets and have direct access to several different lenders, I can offer you highly competitive rates that are among the best available. And, while you may not enjoy negotiating with financial institutions, that's my specialty. I'll make sure you get the most attractive rate currently on offer. Shopping for mortgages can be time consuming and frustrating if you do it yourself. That's why more and more Canadians are relying on Mortgage Brokers. I know which lenders offer which products and can quickly short list the ones that best match y ...
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.