2 Year Fixed Mortgage Rates Fort McMurray

Fort McMurray Mortgage FAQ

You should look closely at Fort McMurray mortgage rates.

Mortgage rates and terms are not all the same. Mortgage terms and conditions vary, and these can cost you dearly in penalties and origination costs. That is on top of the stated interest rate. You need to compare the overall costs associated with the mortgage so you don’t pay thousands more than you have to. And that can only be done by shopping around for the best mortgage terms.

What is the difference variable and fixed rate mortgages?

A variable rate mortgage has an interest rate tied to the current interest rates set by the Bank of Canada. If interest rates rise, so will your mortgage payment. If interest rates fall, your mortgage payment will to a certain degree as well.

A fixed rate mortgage is issued with a set interest rate. You’ll pay that interest rate across the loan term no matter what happens to the current interest rate. You’ll also have the same house payment month to month. This is the better choice for the risk-adverse. It is also the best choice if you think interest rates may rise over the next couple of years. Roughly two thirds of Canadian mortgage holders have a fixed rate mortgage. Yet you are probably going to pay a slightly higher house payment than if you have a variable rate mortgage, assuming interest rates are low.

Younger home buyers are more likely to choose adjustable rate mortgages or short term fixed rate mortgages.

Should you get an open term or closed term mortgage?

An open term mortgage is one that lets you prepay the mortgage principal at any time. There is no restriction or limit on doing so. A closed term mortgage is one that either limits or prohibits mortgage principal prepayments. The closed mortgage may limit how much you can prepay, how often you can pay down the loan or both. You may have to pay a prepayment penalty if you pay down the loan off schedule or put too much money against the loan balance. An open mortgage is the best choice if you expect to receive an inheritance or want to aggressively pay down the mortgage balance.

How often are our mortgage rates updated?

We update our mortgage rates daily. We have two sources for our Fort McMurray mortgage rates. One is from mortgage brokers themselves. They can log in and update their stated rates. We also update our rates based on reported rates from various Canadian banks.

Can you secure a mortgage rate before funding?

A rate hold means the lender is holding current interest rates for a certain period of time. If you get a Fort McMurray mortgage quote, they will tell you they’ll charge a certain interest rate. The rate hold is how long they’ll honor that interest rate. That rate hold will be anywhere from 30 to 120 days. If interest rates go up, you’ll pay the “held” rate. If the interest rate goes down, most lenders will honor the lower interest rate. Call your trusted Fort McMurray Mortgage Brokers today to get the lowest rate locked in today!