In order to get your best mortgage rate in today’s market, you need to have an understanding of what your mortgage involves.
Below are the top 5 questions to ask about your mortgage in Tecumseh or Leamington:
Mortgage loans come with one of two types of rates: fixed or variable. Understanding the difference between these rates is essential for you to choose the best mortgage. A variable interest rate loan charges interest on the outstanding balance at a rate that varies as market interest rates change. This means that your payments will also vary depending on market rates. Fixed interest rate loans charge a fixed interest rate for your loan’s entire term, no matter what happens to the market rates. This results in consistent payments on your end.
Choosing the right type of interest rate for your needs will depend on the interest rate environment when your loan is taken out and during the term of the loan. If interest rates are relatively low with an increase on the horizon, your best option is a fixed rate. On the other hand, if interest rates show a pattern of decline, then it would be better to choose a variable rate loan so you can pay the lower rates on your mortgage as the market rates fall.
|3.29||1 Year Closed|
|3.09||2 Year Closed|
|3.39||3 Year Closed|
|3.89||4 Year Closed|
As rates change daily, please call for the up to date best rate available
Axiom Mortgage Solutions understands market trends and can help you choose the right mortgage rate for your needs. If you choose us for help with your mortgage in Leamington or Tecumseh, we will help you understand how the different rates, terms and conditions of your loan will affect the lifetime cost of your home or commercial property. Contact us today for a consultation.