Should I opt for a fixed rate or variable rate mortgage? Am I better protected if I opt for a fixed rate? Rates are so low now, is it worth it to take a fixed rate for the longest term possible? When we rely on historical data, we pay less with a variable rate, should I go for a variable rate? Here are several questions we’re often asked when we are mortgage brokers.
In addition to the fact that one is fixed and the other varies, there are big differences between the variable rate and the fixed rate. If you think you know all the differences, you might be surprised. I invite you to read the article, you could learn a lot!
Here are the things to take into account before deciding.
Variable rate: belief
I happened to find out that some of my clients thought that the bank had total control of the rate when it comes to the variable rate. As if the bank offered you a variable rate of 2% to attract as many customers as possible, and that one year later it raised its variable rate. This isn’t how it works. Even when we talk about variable rate, there is an element that is fixed.… LIRE LA SUITE