 For
clients who are in need of the security of knowing exactly what their
payment amount will be every month, I recommend the Fixed Rate
Mortgage.
With the Fixed Rate Mortgage you have the security of locking in the
interest rate for the term of your choice so that you know precisely how
much principal and interest you will be paying on your mortgage. This
mortgage gives you the security of predictable regular payments,
protection from rate fluctuations and the convenience of avoiding frequent
renewals.
When a new home buyer is approved for a fixed rate mortgage, the rate
is guaranteed 90 days prior to closing. For renewals, the rate is
guaranteed 30 days prior to closing.
The options you select can be designed to suit your own
individual needs. For example, you can select from a wide range of terms,
including open, closed or convertible options and terms from six months to
35 years.
You can also choose from some very flexible payment options, including
monthly or semi-monthly, regular weekly or
bi-weekly or accelerated weekly
or bi-weekly programs. In other words, we can find a payment frequency to
match your cash flow and even provide you with the opportunity to pay down
your mortgage faster. For example, under the fixed rate plan you can
double up your mortgage payments on any or every payment date, increase
your mortgage payments by up to 10% once every 12 months, or pay down up
to 10% of the original amount of your mortgage once every 12 months.
With so many options from which to choose, I look forward to
meeting with you to discuss your particular situation. Once I have all of
the information I need, I will show you how you can have both the
flexibility in budgeting and peace of mind as you move forward with your
new home purchase or your mortgage renewal.
Give me a call today to find out more about the Fixed Rate Mortgage
option. |
