The Mortgage Centre/Durhammortgage.com Ltd.
Mortgage, Mortgage Broker, Home Loans
VARIABLE RATE MORTGAGES: August 22/2011
Now is not the time to consider a variable rate mortgage. Don’t get me wrong I like Variable Rate mortgages but in my opinion they have to come with a good discount. The Bank of Canada rate is 3%, with a discount of say -60 you start paying 2.4% and if prime moves up you’re still safely below the fixed rates. Today there is no discounting which means you pay 3.% with the ability to go higher and fixed rates can be as low as 3.4 so why take the RISK!!
Mortgage Consumers Seek Out and Value Advice From Mortgage Professionals
Over three-quarters of recent buyers noted they received advice on mortgage terms and conditions, as well as whether to take a variable or fixed interest rate. More than 40% also received a recommendation to accelerate their mortgage payments in order to pay off their mortgages sooner.
81% of recent buyers, at some point, relied on a mortgage professional (either a mortgage lender or mortgage broker) for advice and consultation.
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