{"id":1217,"date":"2019-05-14T16:31:04","date_gmt":"2019-05-14T16:31:04","guid":{"rendered":"https:\/\/mymortgagepros.com\/?p=1217"},"modified":"2024-02-08T05:46:04","modified_gmt":"2024-02-08T05:46:04","slug":"mortgage-rates","status":"publish","type":"post","link":"https:\/\/mymortgagepros.com\/mortgage-rates\/","title":{"rendered":"Fixed or Variable rate mortgage, that is the question"},"content":{"rendered":"\n

What will fit you<\/h4>\n\n\n\n
\n Spring\n has arrived and we\u2019re starting to get a better sense of the real estate market\n in Canada this year. Sales and listings have been on the decline, but we\u2019re\n still seeing small price increases in parts of the country. This isn\u2019t a huge\n surprise since sales are typically slow during the winter so we may see some\n movement in the near future.
\n
\n Recognizing\n that affordability is still an issue for many first-time home buyers, the\n federal government proposed a $1.25-billion incentive program that would help\n finance five to ten per cent of a prospective buyer\u2019s mortgage as part of a\n shared equity program as long as they have a minimum down payment for the\n home purchase. They also plan to increase the amount that first-time buyers\n can withdraw from their RRSPs, from $25,000 to $35,000, per individual.
\n This news may help new buyers,\n but there are many other factors that all potential buyers need to consider\n when they start looking for a home.\n Fixed\n vs Variable rate mortgages.<\/strong>
\n
\n \n \n Studies going back to 1950 show that, in general, borrowers\n tend to save money when they choose a variable rate mortgage instead of a\n fixed rate mortgage. A five-year fixed rate mortgage \u2013 by far the most common\n mortgage term in Canada \u2013 typically comes with a higher interest rate than\n variable rate mortgages or shorter term fixed rate mortgages.
\n
\n Fixed rate\n borrowers pay a premium for predictability, knowing their mortgage payments\n won\u2019t be upset when the Bank of Canada hikes interest rates.
\n
\n \n <\/td><\/tr><\/tbody><\/table>\n\n\n\n
\"\"
Everybody have unique needs and situation<\/figcaption><\/figure>\n\n\n\n

RRSP can help with home ownership<\/h4>\n\n\n\n

Recognizing that affordability is still an issue for many first-time home buyers, the federal government proposed a $1.25-billion incentive program that would help finance five to ten per cent of a prospective buyer\u2019s mortgage as part of a shared equity program as long as they have a minimum down payment for the home purchase. They also plan to increase the amount that first-time buyers can withdraw from their RRSPs, from $25,000 to $35,000, per individual.
This news may help new buyers, but there are many other factors that all potential buyers need to consider when they start looking for a home. Fixed vs Variable rate mortgages.<\/strong><\/p>\n\n\n\n

\n\n Studies going back to 1950 show that, in general, borrowers tend to save money when they choose a variable rate mortgage instead of a fixed rate mortgage. A five-year fixed rate mortgage \u2013 by far the most common mortgage term in Canada \u2013 typically comes with a higher interest rate than variable rate mortgages or shorter term fixed rate mortgages.<\/p>\n\n\n\n

Mortgage brokers have the answer<\/h4>\n\n\n\n

Choosing the services of a mortgage broker can clarify all, have a rate fits your circumstances, plans and have a rate you can get only by professionally brokered mortgage brokers like Mortgagepro.<\/a><\/strong> Easy online application<\/a><\/strong>, great free advice<\/a><\/strong>, expert professional brokers<\/a><\/strong> with years of experience working tirelessly for you to get the best end of the deal. <\/p>\n\n\n\n

Fixed rate might not be the best option for you<\/h4>\n\n\n\n

Fixed rate borrowers pay a premium for predictability, knowing their mortgage payments won\u2019t be upset when the Bank of Canada hikes interest rates. \n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

What will fit you Spring has arrived and we\u2019re starting to get a better sense of the real estate market in Canada this year. Sales and listings have been on the decline, but we\u2019re still … Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[1],"tags":[],"yoast_head":"\nFixed or Variable rate mortgage, that is the question - My Mortgage PRO - Calgary<\/title>\n<meta name=\"description\" content=\"Financing a new mortgage, refinancing an old mortgage always brings the question of what is the best for clients, fixed rate or variable rate. 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