Variable vs Fixed

For the cheapest mortgage, go variable?

Everyone knows that interest rates today are at historic lows and therefore people want to lock in that great rate for 5 years or longer however, according to David Larock, a Mortgage Broker and ex-banker “variable-rate mortgages have been cheaper than five-year fixed-rate mortgages 90 per cent of the time over the past 25 years.”

According to a recent article published on the Globe and Mail website… for the cheapest mortgage, go variable.  It suggests that although the financial and economic ups and downs of recent years has made people more open to the fixed-rate or ‘locked in’ rates for mortgages, having a variable rate mortgage will save you money.  How and why? Read the article (link below) that discusses why choosing a variable rate in today’s market is favoured by analysts over the more popular fixed rate. 

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/for-the-cheapest-mortgage-go-variable/article5945536/  

Call me today for your confidential mortgage checkup and to discuss options to determine the perfect mortgage for you!  Can you afford to wait? 

Jim Flaherty moves to slow down Canada's Housing market

Now couldn’t be a better time to call Metro City Mortgages…

 The Canadian Association of Accredited Mortgage Professionals (CAAMP) has released their

 Annual State of the Residential Mortgage Market in Canada Report and the findings are a little staggering…   “the changes to mortgage insurance criteria are unnecessarily jeopardizing the health of Canada’s housing markets and the broader economy.”  as stated by CAAMP chief economist Will Dunning, and notes that the opinions he expresses are his own “and are strongly felt.”

The Globe and Mail posted an article (see link below) that states “The CAAMP report suggests that more than 16 per cent of the high-ratio borrowers (that is, those with a down payment of less than 20 per cent) who obtained a mortgage in 2010 would no longer qualify if they had sought that same mortgage under today’s rules.”

http://www.theglobeandmail.com/report-on-business/economy/housing/flahertys-rule-changes-will-bite-hard-mortgage-brokers/article5410889/

Seeing these statistics and how they may affect you, now is the time to call Metro City Mortgages!  We will help you determine if your mortgage is working for you and assist you with your goals for financial freedom.  If  home ownership is in your future, allow Metro City Mortgages to guide you through the process every step of the way! 

Call us today, can you afford to wait?