If everyone’s financial situation was exactly alike, we wouldn’t need different types of mortgages. Unfortunately, our bank accounts do not contain the same monetary sum as our friends and neighbours. However, this does leave us with a buffet of mortgage options for our home purchasing needs. Some people are looking for rate stability while others are hoping for shorter terms. For those hoping for shorter terms, a three-year fixed rate mortgage might be your best bet.
A three-year fixed rate mortgage is a loan that maintains the same interest rate for a specified period of time. In this case, the time period is three years. When your terms are up at the end of three years you have the option to move into another product without penalty or keep the same type of mortgage.
Because this mortgage provides borrowers with a fixed rate, you do not have to worry about interest rates going up or down for the duration of your three-year term. Your rates will stay the same for three-years, giving you stability and allowing you to budget properly for your monthly mortgage payments.
For many Canadians, a three-year fixed rate mortgage brings with it countless rewards.
Like with any kind of financing for your home, you should meet with a mortgage broker. Brokers are a one-of-a-kind resource that you need to have at your disposal when shopping for a mortgage. They understand the ins and outs of the Canadian lending landscape and work for you to ensure you get the right mortgage package and the best available interest rate.
No matter what financial situation you may find yourself in, a broker can guarantee that he or she will find a mortgage to suit your needs.Back
Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).
Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.
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