Selling Southern Georgian Bay.COM
For more general information about mortgages, visit the Financial Consumer Agency of Canada website.
One of the first decisions homebuyers and mortgage shoppers face is whether to select a fixed rate or variable rate mortgage.With a fixed rate mortgage, the mortgage rate and payment you make each month will stay constant for the term of your mortgage . With a variable rate mortgage, however, the mortgage rate will change with the prime lending rate as set by your lender. A variable rate will be quoted as Prime +/- a specified amount, such a Prime - 0.45%. Though the prime lending rate may fluctuate, the relationship to prime will stay constant over your term
When you purchase a property and take on a mortgage, you will need to make regular payments on it. How much you pay and how often you pay it depends on which mortgage payment frequency option you choose. In Canada, you can choose from five different mortgage payment options: monthly, bi-weekly, accelerated bi-weekly, weekly, or accelerated weekly. The most popular payment options are monthly, bi-weekly, and accelerated bi-weekly. To see how all three could affect your mortgage payment and repayment, watch the video to the right.
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ReMax of Wasaga Beach Inc., Brokerage
1263 Mosley Street P.O. Box 490
Wasaga Beach, ON L9Z 1A5
Office 705-429-4500 ext. 250