If you are thinking of moving this Spring, chances are that you are looking to finance the purchase, you will be thinking about what route to go with your Mortgage.
This month my thanks go to Susan Cowling, a BC Mortgage Broker, for her thoughts on what you should know before making a decision on a Fixed or Variable Mortgage.
It’s the first and only thing anyone usually asks when you talk about your mortgage: What’s your rate? While everyone can recall their rate off the top of their head, it’s the only detail of the mortgage they remember or care to know. Though the rate is obviously important, your mortgage is so much more than a rate, and if you’re not paying close attention, it can cost you money.
Before we dive deeper, let’s talk fixed rate vs. a variable rate and which one is better. Well, that all depends. First-time homebuyers and older homebuyers typically love the stability of a fixed rate. Keep in mind, seven-in-ten fixed mortgages...