Mortgage Rates in Paradise
Mortgage Alliance - Shoreline Mortgages, Inc. is the mortgage broker of choice in Paradise thanks to our unmatched selection of products and our in-depth, personalized service. Clients appreciate our individualized approach to mortgage hunting.
Find the lowest rates on the market. Give us a call today at (709) 699-5727 to book a consultation with an expert.
Why Should I Compare Mortgage Rates?
Your mortgage rate determines how much interest you will pay over the lifetime of your loan. Even a percentage of a difference can amount to significant savings, so it’s crucial to find the lowest rate possible.
While your mortgage rate is a key component to maximizing your dollar, it’s equally important to consider other factors involved, such as term length, rate caps, and conditions. At our firm, we’re in the business of making things easier for homeowners. At no obligation to you, we’ll sit down with you and help you compare and contrast all your options because your savings is our success.
What Is the Difference Between a Variable and a Fixed Mortgage Rate?
There are many differences between fixed and variable mortgages, but the primary one is that the interest rate stays the same in a fixed mortgage, and changes with the market in a variable mortgage.
A fixed-rate mortgage contract lays out exactly how much interest you will pay, what your monthly payment will be, and how many years you must contribute to pay off your loan in full. Fixed-rate mortgages are transparent and predictable.
Variable-rate mortgages, on the other hand, are not as straightforward. When you sign a variable rate contract, you agree to let the market dictate what your interest rate will be each year. Since your monthly payment stays the same and your interest rate can rise, there is no guarantee your loan will be paid off fully at the end of the term—it may need to be extended. However, if interest rates fall, homeowners may see thousands of dollars in savings over the lifespan of their loan.
The product type that’s right for you will depend on your financial situation, preferences, and goals. Speak with one of our seasoned brokers to learn more about these two popular Canadian mortgage types.
Should I Get an Open or Closed Mortgage?
Another question our brokers are often asked is about the difference between open and closed mortgages. The words open and closed refer to the flexibility of the mortgage terms. Basically, open mortgages offer homeowners greater flexibility regarding when and how much they can contribute to their loan. Generally, though, there is a higher interest rate to compensate for this freedom.
A closed mortgage offers the opposite: limited freedom in the payment schedule but a lower interest rate. Usually, you will be penalized for paying off your loan in advance or outside of the contract’s limitations. To find out which option is best for you, get in touch with our knowledgable mortgage brokers.
Canada Mortgage Rates
Make sure your hard-earned money goes farther—work with one of our knowledgeable agents to find and select the ideal financial solution for your new home. We spare no effort in our mission to offer the lowest mortgage rates in Paradise.
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