The Easiest Way To Find Out The Best Mortgage Rates CalgaryFor Your Home
The mortgage process can seem a little scary, but it doesn’t have to be. Getting the best mortgage rate possible is crucial. After all, it will be responsible for a significant chunk of your monthly expenses for the next few years. That’s why it’s important to do your research and find out the best mortgage rates calgary you qualify for before you start your mortgage application.
Fixed Mortgage Rates
Fixed mortgage rates are a good option if you’re looking for stability and assurance. If your financial situation changes in the future and you can no longer afford your home, a fixed-rate mortgage will allow you to continue paying the same monthly amount.
Your monthly payments won’t increase because of an increase in interest rates. A fixed-rate mortgage is also beneficial if interest rates are low when you purchase a home but are expected to rise in the future.
Variable Mortgage Rates
A variable mortgage rate is typically lower than a fixed-rate mortgage which is good when rates are rising. High-interest rates can be a major problem for homeowners, so it’s important to know what your options are and how they affect the cost of your home loan. Variable mortgage rates fluctuate with the market interest rate, and this factor can make them more or less attractive to homeowners.
High Mortgage Rates
High mortgage rates are beneficial if you want to save on your monthly payments. This is also a good option if you plan on getting rid of your current home and buying a new one soon. Fixed mortgage rates are most advantageous for people who know they will stay put for an extended time. These rates automatically adjust according to the market so you don’t have to worry about rising interest rates.
Variable or low mortgage interest rates work best for people who hope to sell their home in the next 3-5 years or those looking to build equity quickly. Low mortgage rates tend not to fluctuate as much, which could be beneficial for first-time homebuyers and individuals who don’t have enough cash saved up yet for a downpayment.
Low Mortgage Rates
The lowest mortgage rates are typically reserved for borrowers with strong credit histories. These rates are also lower because the borrower has a large down-payment, meaning that he/she is more likely to be able to pay back their loan.
Fixed-rate mortgages are offered at lower rates than variable-rate mortgages, but the low-interest rate comes with a price – you will have to keep paying it until the end of your mortgage term. The best thing about these mortgages is that your monthly payments remain consistent throughout the life of your loan, so you don’t have to worry about any sudden or drastic changes.
Adjustable Mortgage Rates
A fixed-rate mortgage is an excellent option if you have a stable income and want to know exactly how much your monthly mortgage payments will be for the next few years. However, if you are not sure about how long you would like to stay in your home or you don’t want to pay more interest than necessary, an adjustable mortgage rate may be the better choice.
With an adjustable mortgage rate, the interest rates are lower initially and then increase (or “reset”) after a certain period. This can allow you to adjust your monthly payment based on how much money you make.