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Should I chose a Fixed or Variable Rate Mortgage?

Mortgage rates V vs F

That determination depends on several factors – time frame, risk tolerance and the terms of the mortgage loan. Fixed rates are higher than variable rates because they are riskier for the lender. In general, the shorter your time frame, the more attractive a variable rate is.

 

Again the decision is yours. But overall you are likely to save more with a variable rate mortgage as opposed to a fixed rate one. Not only are fixed rate mortgage rates higher. Breaking your mortgage usually requires interest differential with fixed rate mortgages. That in most cases costs you thousands more than just 3 months interest payments as required in variable rate mortgages.

 

To discuss further please call 1-888-882-0786 and speak to one of our Mortgage Brokers.

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