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Frequently Asked Questions - Page 2 of 2

Questions and answers continued below. ↓

What type of mortgage is best for me?

This question depends on your financial situation and your goals.

Fixed-rate mortgages are generally seen as risk-averse and predictable, as customers lock in a rate for the duration of their term (usually five years), meaning payments stay the same. However, if the homeowner needs to break their mortgage (pay off the loan before the end of their term), they may be subject to higher prepayment penalties.

With a variable mortgage, the interest rate is subject to change throughout the term, depending on the Bank of Canada’s interest rate announcements. Therefore, the percentage of your payment that goes toward the interest and the principal will fluctuate. The penalty for breaking a variable mortgage is usually equal to three months’ interest on your loan. So, if your property is not your forever home or you plan to move in, say, three years when you have a five-year term, a variable mortgage could save you money or a 3 year fixed mortgage, But you have to consider that there is a certain amount of risk.

Bankruptcy and Mortgage Qualification

Why does it take so long to close a mortgage?

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What should I know before closing?

 

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