HOME BUYER'S MORTGAGE OPTIONS
Sometimes it can become difficult to understand all of the options and which one to choose. That's why you need to sit with a Mortgage Specialist today, we can advise you to making the best option that will save you money.
FIXED RATE MORTGAGE
Giving you the stability and peace of mind in locking-in your current interest rate. With this option you will never have to be concerned about fluctuations in your monthly payment due to interest rate changes. Great option for consistency but might not be the most economical choice always.
ADJUSTABLE RATE MORTGAGE
An economical choice to be sure, this option usually offers the most lowest rates by the banks and is what most clients end up selecting with the current market of interest rates being as low as they are. Though if rates were to go up, your monthly payment will reflect the rate increases. Ask for the option if you can lock-in your interest rate later on in your term.
OPEN & CLOSED MORTGAGES
It's important to understand the key differences in these two options, as they can be applied to either a "fixed" or "variable" rate mortgage. Each of course has their own advantages depending on your mortgage requirements.
Closed - you're bound by the terms for the duration of the mortgage. Usually is cheapest option.
Open - no restrictions on pay back or exiting options. Usually costs more.
HIGH RATIO MORTGAGE
A valuable tool for many first time home buyers. Allows you to mortgage up to 95 percent of the value of your home, minimizing the amount required up front to get into home ownership. Interest rates are favourable in High Ratio situations as amortization is limited to 25 years. Only drawback is the cost of Mortgage Insurance which needs to be added.
PRIDE MORTGAGES MARKET WATCH
Market Rates Date : January 20, 2021, Current Prime Rate : 2.45%. Market rates are updated regularly, Please contact for details on all posted rates. Rates are subject to change at any time, without notice.