How much lower are our rates? See for yourself below.
Last updated: November 28, 2024
Choosing a variable rate mortgage has saved borrowers money historically. It also offers a predictable penalty fee, since it will always be equivalent to 3 months worth of interest, if you decide to break your mortgage before the end of the term.Â
One major downside of a variable rate mortgage is that if the prime rate rises and your interest rate also increases accordingly, your amortization or payments could rise, leading to more interest paid.
Perch empowers Canadians to make more informed decisions when it comes to real estate and building wealth. If you are unsure of whether you should go with a variable-rate or fixed-rate mortgage, create a free Perch profile or speak to one of our mortgage advisors and get personalized insights into your mortgage today.
Additional Resources
https://www.canadalife.com/investing-saving/mortgages/fixed-vs-variable-mortgages.html
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