I am bi-lingual in French and English and work as a team with Murray Groen. With over 20 years combined experience in the mortgage industry we are sure to arrange the best mortgage solution, rates and terms for your personal needs. We have access to over 50 lenders and hundreds of mortgage options with the ability to arrange your mortgage anywhere in Canada. With the complex array of the mortgage products available today, let us, as experts find the best financing available for your situation. We pride ourselves on our customer satisfaction and know y ...
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.