Top 3 Reasons To Consider A Variable Rate Mortgage
Experience Better Rates & Increased Flexibility
At Axiom Mortgage Solutions, our standard rates beat the bank, but you can access even lower rates with a variable rate mortgage. Variable rate loans allow you to take advantage of low rates for a specific term of your loan—typically between one and five years. You might use this lending option if you plan to stay in your home for only a few years or intend to pay the mortgage off quickly. Whatever your situation, Rob and Sandra Zanet (DelCiancio) can help you determine if a variable rate mortgage works for you.
Pay Off Your Loan Faster with Fewer Penalties
Because variable rate loans lock you into lower payments, you can pay off your loan more quickly. This means fewer penalties and an easier lending process. Historically, a variable rate loan can also save you the most when borrowing. You’ll still obtain the loan you need with less pressure and fewer debts.
Benefits of Variable Rate Mortgage
When you are mortgaging your property, you get two options – fixed or variable rate mortgage. Variable rate mortgage is preferred by people looking for short-term benefits. The interest rates and monthly mortgage fluctuate consequently. There are two types of variable rate mortgages – standard and tracker. The former one is fixed by the lender whereas the latter one follows the financial index. Some benefits of variable rate mortgages are:
- Your monthly repayment values are low
- Interest rates are adjustable and flexible
- You get benefits when the interest rate goes down
- You can adjust your expenses
If you are confused which option will be better for you in the long run, feel free to talk to our team.