A floating interest rate, also known as a variable rate or adjustable rate, refers to any loan that is not…
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WHAT IS A FIXED RATE MORTGAGE?
Within a fixed rate mortgage, you will have the security of knowing that your mortgage payment and interest rate will…
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WHAT CAUSES THE VARIABLE RATE TO FLUCTUATE?
The Bank of Canada meets 8 times each calendar year to analyze the Canadian economy and to decide on whether…
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HOW MUCH WOULD THE VARIABLE RATE CHANGE?
If you have a mortgage today, your payment will change approximately $12 - $13 for every $100,000 that you owe…
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WHAT ARE THE PRO’S & CON’S TO A FIXED VS VARIABLE RATE?
Fixed Rate Mortgage Pro’s Fixed rates give the borrower the certainty of a static payment each month. In a rate rising environment,…
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How do I decide between a fixed-rate and variable-rate mortgage?
Choosing between a fixed-rate and variable-rate mortgage depends on your financial goals, risk tolerance, and outlook on interest rate movements.…
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What are the potential risks of a variable-rate mortgage?
The main risk of a variable-rate mortgage is the potential for higher payments if interest rates increase. We discuss risk…
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Can I switch from a variable rate to a fixed-rate mortgage?
Yes, many lenders offer the option to switch from a variable rate to a fixed-rate mortgage during the term of…
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How often do variable-rate mortgages adjust?
Variable-rate mortgages typically adjust based on changes to the prime lending rate or other benchmark rates, with adjustment periods ranging…
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What factors should I consider when comparing mortgage rates?
When comparing mortgage rates, consider the initial rate and the potential for future rate adjustments, associated fees, prepayment options, and…