Variable Interest Rate Mortgages
There are many financing variations and options for an adjustable interest rate mortgage, or Alberta mortgages with a variable rate. The main advantage of mortgages with a variable rate is the interest rate is lower than fixed rate mortgages. A Go Mortgages broker can assist you in understanding and navigating the risks of variable rates and mortgages.
The main negative of a mortgage with a variable rate is the risk involved. Unlike fixed rate mortgages, interest rates can suddenly increase or decrease on variable mortgages. However, taking advantage of a lower variable interest rate enables you to apply more of your monthly payment to pay down the principal and pay off your mortgage quicker. A Go Mortgages broker can show you how to reduce the risk of variable interest rate mortgages.
Variable Mortgage Conversion Rates
Some open variable mortgages can be converted at any time to fixed rate mortgages. It is wise to make sure you know what the interest rate and terms will be if you switch to a fixed rate mortgage. There are a lot of pros and cons when it comes to variable interest rate mortgages. These and other conversion rate details are why many Alberta home owners rely on Go Mortgages.
Rates are not the only important factor when looking at mortgages. Flexible terms are a big factor when deciding on whether to go with fixed or variable mortgages. Are you able to make lump sum payments on your mortgage? How much and how often? What about an open mortgage where you can pay off your mortgage at any time, without penalty. These and other questions can be answered by your Go Mortgages broker, based on your individual goals and needs for a mortgage.
We Are On Your Side
There is no additional cost for Alberta residential home owners when they use a Go Mortgages broker. The broker is paid by the lender on the gross mortgage and it is our fiduciary duty to get you the best possible terms and rates on variable interest rate mortgages.
Give us a call and a Go Mortgages broker can give you the facts and options for variable and fixed rate mortgages. You can also schedule a free consultation on fixed or variable mortgages.