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What Your Need To Know About Fixed Mortgage Rates

Fixed Mortgage Rates In Toronto

Toronto Mortgage Brokerage provides the best mortgage rate solutions in all of Toronto. When choosing the most appropriate mortgage rate for yourself, you typically have two options: a fixed or variable mortgage rate.

Fixed Mortgage Rates Benefits

A fixed mortgage rate remains the same for a pre-determined period of time, unlike loans where the interest rate is subject to change. This period usually ranges anywhere from six months to 10 years, but in some cases can be much longer. By choosing a fixed mortgage rate you will be making consistent and stable payments for a fixed term. The benefit of that is that there will be no unpleasant surprises down the road and you can plan your budget and finances accordingly because you know from the very beginning your total cost.

Fixed Mortgage Rates Are More Reliable

Fixed mortgage rates are more reliable than variable mortgage rates and depending on your financial situation may be the best option for you. With variable mortgage rates you will not have complete knowledge of the amount you will be paying for your mortgage term. If you don’t want to experience the effects of market fluctuations on your payments then a fixed mortgage rate will relieve you of that burden.

Fixed Rates Toronto

Fixed Mortgage Rates May Be More Expensive

In Canada, fixed-rate mortgages are a popular form of loan for home purchases, especially for a five-year term. However, fixed rate mortgages may sometimes end up being more expensive than an adjustable mortgage rate especially for much longer terms. Everything depends on the market. Although variable mortgage rates are lower, they are definitely more risky. Even if rates are remarkably low at the time that you commit to a variable mortgage rate, they may double in the following years. (Read more about variable mortgage rates here).

Considering A Fixed Mortgage

When considering a fixed rate mortgage from Toronto Mortgage Brokerage you also have a more in depth choice of an open, closed or convertible fixed rate mortgage. We enable you to select a term and interest rate based on your needs and capabilities that provide you with a high level of security.

One of our mortgage experts will help you to decide which mortgage option is best for you, or help you save on an existing mortgage. Contact Toronto Mortgage Brokerage to get a consultation on choosing the right mortgage rate.

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Open Term Mortgages

Open term mortgages are more appealing to people that plan to pay off their mortgage in the nearby future, are considering to sell their home, want to make a significant pre-payment (at any time, without charge), or feel that rates will decline. Overall, open fixed rate mortgages offer the most flexibility but come at a higher interest rate. Also, you are able to switch to another term whenever you’d like, free of charge.

Closed Term Mortgages

If you’re not planning to pay off your mortgage in a short term, a closed term mortgage is most likely the best option. Everything – your interest rate, payments and your term of choice, are completely fixed. This choice relieves you of having to worry about any changes, such as rates rising.

With closed term fixed mortgages you will be able to save on interest costs and payoff your mortgage more efficiently through a consistent method. In comparison to an open fixed mortgage, a closed mortgage offers a lower rate for the same term.

Convertible Mortgage

Let’s you convert to a closed term of one year or longer at any time, without charge. This product may be for you if you want to keep your options open and want a lower rate than an open mortgage of the same term. Your prepayment privileges are less flexible than those of an open nature.



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