Do I choose a variable rate or the security of a fixed-rate mortgage? This is a question that most Canadian homebuyers ask themselves before they can sign up on a mortgage deal. Both these options have their advantages and disadvantages and it is important to go through all of them before making a choice. If you are contemplating of acquiring a 5 year fixed mortgage rates in BC, we have outlined reasons why a fixed-mortgage rate could be your best choice.Mortgage
It is unfortunate that most customers are unaware that they have a negotiating power when it comes to mortgages. Most mortgage lenders are willing to work with borrowers to come to an interest rate that both the lender and borrower are comfortable with.Mortgage
Should you take out a fixed or variable mortgage rate? It is a question that seems pretty straight forward but it is one that needs careful consideration and a lot of consultation. A fixed mortgage simply implies that the interest rate is set and does not change throughout the loan’s span. A variable rate on the other hand implies that the interest rates can go one of two ways, up or down. At the end of the day, all you need is a mortgage rate that saves you money.Mortgage
It is every home buyer’s desire to ultimately buy a home and save some money if possible while at it. There are some checklists that you need to go through when you talk to your mortgage advisor, and some questions that you need to ask to be sure you are actually saving some cash in the grand scheme of things.Mortgage
A rate lock is basically an agreement between the mortgage loan applicant and the mortgage lender on a certain interest rate for a specific period of time. This means that the borrower is protected from rising interest rates while processing the loan application.
A mortgage borrower can only lock in a mortgage rate for a specific time let’s say 30 to 60 days, and the lender is guaranteed to lock in the rate during this period. If the time expires while the borrower has not finished processing the loan, then the lender is no longer guaranteed to lock in the mortgage rates.