Mortgages 101: Three things you need to know about fixed vs. variable mortgage rates

Unfortunately, there’s a lot of misunderstanding surrounding adjustable-rate mortgages. Here’s a quick rundown of the key things to know about them. 1 – Adjustable-rate mortgage definition. An adjustable-rate mortgage, is a loan where the rate can fluctuate over time, as opposed to a fixed-rate mortgage where the rate never changes.

 · 5 Things To Know About Mortgages When You Buy A Home. to qualify for most lenders’ advertised rates, you need a sizable down payment and good credit scores.. 2017 – 3.

If your original mortgage was taken out with a small or no deposit, you may find there is not enough (or any) equity for you to remortgage. This means you may have to put up with your lender’s.

 · If you’re facing a mortgage renewal in 2019, here are the three things that you need to know: Mortgage stress tests and house prices are keeping many out of the Canadian housing market. Mortgage Professionals Canada found that 100,000 Canadians have been prevented from buying a home due to new stress test regulations.

As rates change over time, simply comparing the fixed and variable rates at the point you take your mortgage is a relatively blunt tool. To work out which is truly a better deal, look at how much interest rates would need to change before one deal beats the other. This is where a broker can really help you see the wood for the trees.

While fixed-rate mortgages can have interest rates well-above 3%, VRMs start as low as 2.4%. Finally, the penalty for breaking the terms of a VRM loan is not as severe (usually 3 month’s interest). Though the facts are heavily in favour of variable-rate mortgages, a fixed-rate mortgage can be preferable in certain conditions.

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 · Before You Get a Mortgage . Share Pin Email. It’s easier to understand and pick apart a fixed rate mortgage. Other Mortgages . There are a wide variety of mortgage options out there.. What You Need to Know About Home Equity Loans. The 10 Best Mortgage Lenders of 2019.

(Photo: AP file) However, they don’t set mortgage rates that you’d be interested in for your home or an office building, for.

Don’t let student loans keep you from buying a home Don’t let student loans keep you away from homeownership – Having student loan debt does not automatically preclude you from qualifying for a home loan. Certain home loan programs weigh student loan debt differently when calculating your Debt To Income. Your GMFS mortgage loan officer can review the best financing options for your situation.

Fixed Rate Mortgages. As you can see, the payments made during the initial years of a mortgage consist primarily of interest payments. The main advantage of a fixed-rate loan is that the borrower is protected from sudden and potentially significant increases in monthly mortgage payments if interest rates rise.