Making a choice between fixed and variable mortgage rates is not exhaustive anymore.
Both the fixed and variable Rate mortgage possess pros and cons. The choice of proper rate depends upon the quantum of loan amount, term of the loan, fluctuations in the market etc. Choosing fixed rate implies monthly payment of interest and principal amount at a fixed amount for a considerable number of years.
However, if you choose variable rate, your monthly payment varies accordingly. In the introductory years, the amount of interest charged is low as compared to that in fixed rate. But if the market experiences fluctuations which absolutely can have a drastic effect upon the interest rates The best part about variable Rate mortgage is that it provides you, the advantages of low interest rates when they prevail in the capital market.
Globalisation has facilitated rise in neck to neck competition among various business houses. Everyone wants to secure the top position. So, they try to render their services at an affordable rate of interest. A proper analysis of various factors needs to be made, on which basis it can be stated whether one should go for fixed or variable mortgage rates?
David Imer, one of the proficient mortgage broker serving Toronto and across GTA will aid you in taking the most suitable decision. He conducts a thorough research about interest rate trends and various loan factors and give the most reliable advice. If you have any queries regarding mortgage loans, services, interest or anything else, do not hesitate to contact.