With a background in the financial industry and my expertise in new home construction sales and service for over 15 years I will use my knowledge and experience to help you choose the best mortgage to suit your needs. Not all mortgages are the same and it is my job to listen to my clients needs and help them make the best informative decision for the largest purchase they will make in their lifetime. Buying a home can be a stressful time and I am here to help take that stress off of your shoulders. With access to over 40 lenders there are many options we can discuss ...
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.