Office (Re/Max): (905) 476-4111
Cell Phone: (289) 221-2112
Mortgage Agent - Lic. #10409
Fax Machine: 1 (905) 656-6560
Your mortgage payments are determined by three factors: interest rate, term, and amortization. You will be able to choose from different options regarding these three factors.
Interest Rate - determines how much interest you will need to pay on top of paying back your
mortgage. There are two types of rates, fixed and variable. Rates available to you will differ depending on qualification as well as what other mortgage options you choose from.
Fixed Rate - means that your rate is
locked at that rate for the duration of your term. You do not have to worry
about your rate fluctuating, therefore your payments will not fluctuate either.
This is the most common type of rate and is highly recommended to first time buyers.
Variable Rate - means that your rate changes with
prime rate. Your rate will either be at prime, prime plus a percentage, or prime minus a percentage. Your rate will change as the bank prime rate changes. For example, if
your variable rate is "Prime - 0.10%" and prime is at 3.00%, your rate will become
2.90%. If prime goes up to 3.50%, your rate will change to 3.40%. Variable rates
often work out to be lower than fixed rates.
Term - how long your mortgage is in contract. Terms can
range from 6 months to 10 years.
Amortization - the length in time that it will take you to pay off your mortgage and interest in full. The longer the amortization, the smaller your payments become,
however it will take longer to pay off your mortgage and more interest will