Fixed Rate Mortgages: 5 Fast Facts for Financial Wellbeing
Are you in the market for a new mortgage? Mortgage expert Kerry Mason shares her fast facts about fixed rate mortgages!
Deciding between an open or closed mortgage, a fixed or variable mortgage, and whether to work with a bank or private broker can make your head spin!
Mortgage expert Kerry Mason of Taylor Made Mortgages in Burlington, Ontario has provided 5 fast facts about Fixed Rate Mortgages to help you on the path to make the right decision for you and your lifestyle!
Fixed Rate Mortgages Fast Facts
1) Fixed rate mortgages are fixed: meaning you have very little flexibility in you payment amounts. The usual amount is 15% per month, and one 15% lump sum per year.
2) This type of mortgage gives the buyer a set amount to be able to budget for - so no surprises at the end of each month when you pay your bills.
3) Fixed rate mortgages don’t change with interest rates, so they aren’t affected by market fluctuations.
4) If you think you may want to change your mortgage structure part way through the mortgage term, fixed rate probably isn’t right for you - they tend to have larger cancellation penalties than their variable counterparts.
5) Depending on your situation, a fixed rate mortgage may not enable you to pay down your mortgage as fast as some other products that are available.
“Fixed rate mortgages are the safest overall product for a new home buyer who needs to have a steady monthly payment amount.” - Kerry Mason, Taylor Made Mortgages
Kerry Mason and her team help those who may not be able to qualify for a mortgage in a traditional way - whether they are self-employed, first-time home buyers, investors, or looking to refinance.
Kerry and her team proudly work in Burlington, Ontario.
Visit their website HERE for more information!
Address: 581 Plains Rd E, Burlington, ON L7T 2E6
Phone: (289) 337-3357