Brokers For Life
Toll Free 1.866.902.7771
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Variable Rate Mortgage — An Open Rate C an Save You Money
Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
A variable rate mortgage is a home loan in which the interest rate is not fixed over the term of the mortgage. This loan is quoted based on the current Prime Rate.
Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
Factors that Influence the Prime Rate The Bank of Canada adjusts the Prime Rate in response to a variety of economic factors. Inflation, for example, will cause the Bank of Canada to raise the Prime Rate to deter borrowing. An economic decline would prompt the Bank of Canada to lower the Prime interest rate.
Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
Fixed or Variable Mortgage — It Depends on Your Needs
A variable rate mortgage is attractive because it’s normally less expensive than a fixed rate mortgage, over the long term. There are, however, risks involved. Because this type of mortgage is based on the Prime Rate, fluctuations in that rate may cause a homeowner to pay more on their mortgage.
Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
So, Which Kind of Mortgage is Better? Variable mortgages have accounted for 28% of the mortgages so far in 2012, while 65% of applicants opt for a fixed rate mortgage. It’s interesting to note that 70% of younger buyers acquire a fixed rate mortgage, while the older population segment is willing to accept a variable (open) rate.
Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
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Brokers For Life Inc. 2nd Floor, 5303 91 Street , Edmonton, Alberta T6E 6E2
www.brokersforlife.ca