Kim Powell-Steele, AMP
Thank you for your interest in Mortgage Centre Ottawa.com. As a mortgage consultant, you will benefit from my 20+ years of experience in the financial services industry, which includes positions as a branch manager and area mortgage manager for a leading financial institution. Several years ago I chose to concentrate my expertise in.....MORTGAGES. Dealing with numerous lenders has afforded me the opportunity to find the best competitive mortgage products and rates to make your dreams become a Reality....HOME OWNERSHIP!! With a passion for customer service, we ...
CTV Morning Live: Mortgage Minute - May 17
Date Posted: May 18, 2016
Frank begins speaking about mortgage terms and what the word "term" means.
Mortgage Term - Is the number of years or months over which you pay a specific interest rate. Term usually ranges from 6 months to 10 years.
This should not be confused with the amoritization period this is the time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, depending on the lender.
Frank then discusses the difference between fixed rate vs variable rate mortgages.
Fixed Rate Mortgages - Is when a mortgage for which the rate of interest is fixed for a specific period of time (the term).
Variable Rate Mortgages - Is when a mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage.
If you are not sure which mortgage is right for you contact one of our qualified mortgage brokers to discuss all of your options.