Welcome to 'Mortgage Centre Ottawa' and my website. As a professional mortgage agent I understand the importance of selecting the right mortgage for your individual needs and how difficult this can be with the many choices out there today.
For most people, the purchase of their home is the biggest investment they will make in their lifetime. With my experience of over 12 years in the financial planning industry and 6 years in the mortgage industry, my approach is to focus on your current financial situation and your long term goals.
There are many ...
CTV Morning Live: Mortgage Minute - May 17
Date Posted: May 18, 2016
Frank begins speaking about mortgage terms and what the word "term" means.
Mortgage Term - Is the number of years or months over which you pay a specific interest rate. Term usually ranges from 6 months to 10 years.
This should not be confused with the amoritization period this is the time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, depending on the lender.
Frank then discusses the difference between fixed rate vs variable rate mortgages.
Fixed Rate Mortgages - Is when a mortgage for which the rate of interest is fixed for a specific period of time (the term).
Variable Rate Mortgages - Is when a mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage.
If you are not sure which mortgage is right for you contact one of our qualified mortgage brokers to discuss all of your options.