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Variable or Fixed Rate Mortgage for Today’s Economy: Which Is Better?

Posted onJuly 20/2020By

Many people wonder if a variable rate mortgage is the better choice compared to a fixed-rate mortgage, particularly in today’s uncertain economic times. For instance, recent rate increases have persuaded many to opt for a fixed-rate mortgage over a variable rate mortgage, as it provides added security and certainty. However, there is a price to pay for said security, as fixed-rate mortgages tend to cost 0.75% more than their variable counterpart. To illustrate, if you were to take out a $350,000 mortgage on your home, then the payment difference between a fixed rate and variable rate mortgage would translate to…

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What Is a Variable Rate Mortgage? Is It Right for You?

Posted onApril 01/2019By

Deciding what kind of mortgage to get is often complicated, especially if you’re a first-time buyer. Even experienced buyers take their time to the fixed-rate mortgage and the variable rate mortgage because there are so many influencing factors. Things like the current economic circumstances, your employment situation, amount you want to borrow, and your credit rating will all influence your decision on your mortgage. There are two main types of mortgages. Fixed-rate and variable rate mortgage. In this article, we are going to look at the variable rate mortgage so that you can learn more about this product, what it is,…

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