|
You want to find the best Canadian
mortgage rates. But with a Canadian
mortgage rate, you want to find the best mortgage
rate Canada for you, be it variable
or non-variable.
Is a variable Canada
mortgage rate right for you? The main difference between the old standby
5-year mortgage and the variable rate is that you take the
interest rate risk. This means if interest rates go up,
your mortgage
in Ontario Canada rate
goes up. No longer do you have the comfort of knowing what
your Canadamortgage rate will be.
If you have a $125,000 mortgage the
payment over 25 years at a Canadian mortgage interest rate of
Prime less a half (currently 4%) would be $657.53 per
month. Not bad! However, if the prime rate goes up to
7.25% your payment raises to $856.31. Now, if your first
reaction is where will I come up with the extra $200, a
variable rate mortgage may not be for you.
On the flip side, if you look at
these numbers and say that you would be quite comfortable
with the higher payment, there can be a big advantage in
taking the variable mortgage
Canada and setting payments at the higher amount.
The extra $200 per month then
reduces your mortgage balance and saves you considerably
over the life of your mortgage. Also, if rates go up you
do not have to increase your payment and thus your
personal budget is not effected.
If
you want to find the best mortgage rate from a Canada
mortgage lender, go to our index page and, no matter
what your credit rating is like, Bob Buckham will do his
best to get you a mortgage. Some situations may be
very tough, but his success rate with
"hard-to-fund" cases is remarkable.
Other
articles of interest are mortgage
refinancing Canada and mortgage
company in Canada.
|
