Marie-France Lavigne and Michele Quinn – Dominion Lending Centres The Mortgage Source 10145 | admin
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Uncategorized / 23.11.2021

What is a fixed-rate mortgage? With fixed-rate mortgages, your interest rate stays the same for the length of your term. It doesn’t matter if interest rates go up or down. The interest rate on your mortgage won’t change, and you’ll pay the same amount every month. Fixed-rate mortgages typically have a higher interest rate compared to variable-rate mortgages because they guarantee a consistent rate. What is a variable-rate mortgage? Variable-rate mortgages are appealing because the interest rates are typically lower than those on fixed-rate mortgages. If interest rates fall during your term, your mortgage interest rate will too — and the amount of...