Variable-Rate Mortgage in Oakville
For variable-rate mortgages in Oakville, no broker is a better choice than eMortgage Solutions. We are a team of industry-leading mortgage brokers committed to quality customer service and fair, affordable pricing. We help you find the most competitive mortgage plans available, with low-interest rates and good terms and conditions. We're making it more affordable than ever for consumers to make their dreams of owning a piece of property come true.
To see how we can save you time and money on your mortgage, don't hesitate to give us a call at (416) 258-0156 today.
What Is a Variable-Rate Mortgage?
A floating interest rate defines a variable-rate mortgage. Based on fluctuations in the prime lending rate, your mortgage rate can vary from month to month or year to year.
You'll usually see your variable rate expressed as prime plus an additional percentage. If prime goes up one year, then so too will the interest rate for your mortgage. On the other hand, if prime decreases, you'll be able to enjoy a lower mortgage rate.
Typically, variable-rate mortgages have a five-year fixed term. Whether your interest rate goes up or down, your monthly payments will always stay the same. What will change is how long it takes for you to pay off your mortgage. If your interest rate increases, you'll have a more extended borrowing period-if you see a decrease, you'll pay it off sooner.
A variable mortgage rate may right be right for you if:
- Interest rates are high and expected to decrease
- You can absorb possible shocks to the prime lending rate
- You want a five-year mortgage term
What's the Difference Between a Variable-Rate Mortgage vs. a Fixed-Rate Mortgage?
A variable-rate mortgage has:
- A floating interest rate
- A five-year term
- Fixed monthly payments
- Usually lower overall interest, but a less stable amortization period
By contrast, a fixed-rate mortgage has:
- A stable interest rate
- Multiple options for length of term
- Fixed monthly payments
- Often higher overall interest, but a fixed amortization period
Thanks to their inherent stability, fixed-rate mortgages are by far the more popular option in Canada, accounting for about three-quarters of all mortgages across the country. But if you don't mind the possibility of a longer borrowing period, choosing a variable-rate mortgage can be worthwhile. Particularly if interest rates are expected to drop, you may end up saving considerable sums of money with a variable-rate mortgage.
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How Can eMortgage Solutions Help Me Find the Best Variable-Rate Mortgage?
Our team of brokers has the skill and expertise to save you time and money on your mortgage. We work with a wide range of lending institutions, but we're not affiliated with any of them. Instead of working for the banks, we work for you, giving you the impartial advice that you need, want, and deserve.
We help you weigh your options, narrowing your choices down until we find the right mortgage plan for you. Whatever that may entail, you can always count on us to work with your needs and best interests at heart.
Finding You the Best Mortgage Rates on the Market
Contact Us Today
Oakville can depend on the team at eMortgage Solutions. For a variable-rate mortgage broker, you can trust, ours is the name to remember!
Don't hesitate to reach out to us with any questions. We'll be happy to answer your questions and show you what we can do for you.
To book a consultation with one of our local mortgage brokers, be sure to contact us today.