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Choosing the right Canada mortgage rate

Everyone wants to find the best Canadian mortgage rates.  But what type of rate is best for you, variable or non-variable.

We have lenders that offer the best rates in Canada. We would be more than happy to discuss your mortgage requirements.  Please fill out the "quick" application below and we'll get in touch with you right away.

 

The question is: is a variable mortgage rate right for you? The main difference between the old standby 5-year mortgage and the variable rate is that you take the interest rate risk.

With a fixed mortgage (or non-variable), an interest rate is agreed upon at the signing of the mortgage, and this rate remains the same throughout the term of the mortgage.

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If it is a 5 year term, you will be paying the same amount each month for 60 months.  If rates increase or decrease during this time period, the changes will not affect you.

With a variable rate,
if interest rates go up, your mortgage rate goes up. No longer do you have the comfort of knowing what your rate will be, as in a fixed mortgage.

 

For example, if you have a $125,000 mortgage, the payment over 25 years at a rate of Prime less a half (currently 3%) would be $559.96 per month. Not bad! However, if the prime rate goes up to 7.25% your payment raises to $856.31. Now, if your first reaction is where will I come up with the extra $300, a variable rate mortgage may not be for you.

You have to decide if you are a risk taker or not.  If you are going to lie awake at night worrying about interest rates, then a fixed rate mortgage is probably the best for you.  Or if you are going to take on a variable rate, it should only be for a short term such as 6 months or one year.

 

On the flip side, if you look at these numbers and say that you would be quite comfortable with the higher payment, there can be a big advantage in taking the variable and setting payments at the higher amount.  So if you make payments of $859, and you only owe $559 in interest, you will be reducing the principal of your mortgage every month

 
The extra $300 per month reduces your mortgage balance and saves you considerably over the life of your mortgage. Also, if rates go up you do not have to increase your payment and thus your personal budget is not effected.

 

If you want to find the best mortgage rate, fill in our "1 minute" application.  No matter what your credit rating is like, Bob Buckham will do his best to get you a mortgage.  Some situations may be very tough, but his success rate with "hard-to-fund" cases is remarkable.
 

All Applications are FREE and there is NO OBLIGATION to borrow

 

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