Fine Homes in Nine Oh Five
  Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
   
 
betty@bettybart.com
905 828-3434
 
 
 
 
Mortgage Info
 
Concerned About Mortgage Interest Rates?

Consider the security of a fixed rate mortgage.

Your home is one of the most exciting - and most important - investments you will ever make.  Don't let mortgage interest rate concerns get in the way.  Instead, put your mind at ease with the security of a fixed rate mortgage.

Security that's "locked in".

As the name implies, a fixed rate mortgage offers a specific interest rate that is fixed, or "locked - in", for the term of the mortgage.  I means you'll know exactly what to expect, including:

  • - the interest rate of your mortgage
  • - the amount of your regular mortgage payments
  • - the portion of your payments that goes toward principal and interest and
  • - the amortization of your mortgage (how long it will take to pay off)

And the longer you lock in for, the greater your protection from rising interest rates will be, over the term of your mortgage.

Choose what works best for you.

With closed, open and convertible fixed rate mortgages from RBC, you can choose the term that provides the level of security (and interest rate) that is right for you.  For example:

  • - if you don't anticipate paying off your mortgage before the end of the term by making  a prepayment, a closed mortgage provides the lowest fixed rates available.  However, if you change your mind, you'll probably have to pay breakage fees.
  • - an open mortgage can be paid off in part or in full at any time, without penalties.  But because of the extra flexibility, interest rates are often higher.
  • - a convertible mortgage gives you the security of a closed mortgage, but can be converted to a longer term, closed mortgage any time, without penalty.  If you think rates may drop, this allows you to pickyour moment to lock in your rate.  But this is only beneficial if you convert and lock in at the right time.

Your fixed rate can be guaranteed in advance.

If you are arranging a new RBC mortgage, your fixed interest rate can be guaranteed up to 90 days before the closing date of your home.  If interest rates go up during that period of time, you're protected because you'll still receive the lower rate.

And when it's time to renew, RBC will guarantee your mortgage interest rate for 30 days prior to your renewal date.

Save interest costs by prepaying any time.

Prepayments are optional, additional payments that go directly toward paying down your mortgage principal, the amount you initially borrowed for your mortgage.  That means, they help you pay off your mortgage faster - and, over time, that can save you interest costs.

 

 

 

For further information and advice, fill in the sign-up form below and a mortgage specialist will contact you to discuss in detail.  Your contact information must be correct for us to proceed.

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Independently Owned and Operated
 
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