Found 2 blog entries tagged as Monthly Payments.

 

As a real estate agent, I understand that navigating the world of mortgages can be overwhelming for homebuyers. With various options available, it's essential to familiarize yourself with the different types of mortgages in Canada. By understanding their features and benefits, you can make an informed decision that aligns with your financial goals and circumstances.

First, let's delve into the most common mortgage type: the fixed-rate mortgage. With a fixed-rate mortgage, your interest rate remains constant throughout the term of the mortgage, providing stability and predictability in your monthly payments. This option is ideal for individuals who prefer a consistent payment amount and want to plan their budget with certainty.

For instance, if…

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People use the equity in their homes for many different reasons. Home equity is often used to pay off other debt, fund home renovations and upgrade projects as well as help purchase other necessities. It’s important to know these few facts when obtaining a Home Equity Line of Credit or HELOC to ensure that this is something you can manage.

  1.        HELOCs do not have fixed rates. This means your monthly payments can fluctuate. The interest rate is determined by the prime rate plus the percentage rate that the bank has set.  Let’s say the interest rate at the bank is prime + 1.5%. If the prime rate is 2%, then take 2% and add 1.5%. This gives you a total interest rate of 3.5%.
  2.        You might be paying way more than expected if the interest…

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