Sentences with phrase «of a variable rate mortgage»

In general to be able to pay only three months interest to get out of the mortgage contract is a major benefit of a variable rate mortgage.

The main drawback of a variable rate mortgage is that the interest rate can change often depending on changes in the prime rate.

Another trend was the rise in popularity of variable rate mortgages.

With more options of variable rate mortgages to choose from comes the importance of research to discover which kind will work best for you.

A standard with any kind of variable rate mortgage is that they are all affected by the prime rate and usually last for a five - year term.

Historically the choice of a variable rate mortgage over a fixed term has allowed borrowers to save in interest costs.

Refinancing can help you get out of a variable rate mortgage that has adjusted to a rate that is not affordable.

Even though the idea of a variable rate mortgage is not a new thought in Canada, there are more kinds now than ever before that you should familiarize yourself with.

In Canada, mortgages are compounded semi-annually with the exception of variable rate mortgages which are generally compounded monthly.

With the exception of variable rate mortgages, all mortgages are compounded semi-annually, by law.

A type of variable rate mortgage which will track movements of another rate — usually the Bank of England base rate.

Bottom line; Have a serious conversation about the flexibility, merits, and safety of a variable rate mortgage with your Mortgage Broker.

If the Fed continues to push interest rates up, the higher monthly mortgage payments from the repricing of variable rate mortgages could result in higher delinquency and foreclosure rates, which could aggravate already sluggish local housing markets.

So your Banker tells you to get out of your Variable rate mortgage 3 and a half years ago....

You've probably tossed the idea of a variable rate mortgage, as it appears (I don't predict the future) rates will begin rising steadily within the next year, and could be considerably higher than today the first time your rate re-sets.

The main benefit of variable rate mortgages is lower interest rates, but in return, mortgagors (homeowners) take on risk: if the prime rate goes up, a larger chunk of your mortgage payment will go toward the interest, not paying down your principal.

The Banker recommends you get out of your Variable Rate mortgage and into a Fixed Rate mortgage....

But the interest rate for fixed rate mortgage loans tends to be higher than that of variable rate mortgage loans.