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Variable vs. Fixed Rate Mortgages; What You Need to Know

by | Jul 27, 2015

One of the biggest questions we receive is “What is better, variable or fixed interest rate?” The answer really depends on you! Here are some things to look at when considering a variable or a fixed rate:
Risk – variable rates follow the Bank of Canada. When they cut rates, variable interest rates go down. Historically, over the past 15 – 20 years, rates have steadily been decreasing. However, if the Bank of Canada decides to raise rates and you are in a variable rate, then your interest rate will go up as well. Fixed rates are not looked at as a risky choice. It is a contract rate and you will be contracted to the exact same payment for the contract term of your mortgage.
Qualify – Not everyone qualifies for a variable rate. If your debt load is too high the lender will not offer you a variable rate. Lenders will only allow you to use a certain percentage of your income toward debts. If your debts are too high, you may only qualify for a fixed rate mortgage.
Canadian banks offer rates that are higher than what GLM Mortgage can offer. This is because the big banks (for example, Bank of Montreal and Royal Bank of Canada) expect you to negotiate down their rates. At GLM Mortgage Group, we bring you the best rates available anywhere. We have over 90 Lenders that we work with which is good news for our clients. We have the leverage to negotiate the best rates out there. Remember, GLM Mortgage Group works for you! Not the bank! We will get you the fastest YES at the sharpest rate….guaranteed!
Our Expert Team Helps You By:

  1. Providing exceptional customer service
  2. Always returning our calls within 90 minutes
  3. Offering over 23 years of investment experience
  4. Standing on our guarantee that you will receive the fastest “YES” at the sharpest rate
  5. Remaining intentional on being educated on the latest mortgage trends and news
  6. Having access to multiple Lenders and mortgage rates

Call us today (604) 259-1496 for your mortgage consultation. We always return our calls within 90 minutes!

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