Fortunately for buyers, there are a variety of mortgages to choose from.
It is in your best interest to investigate each of them to determine which is the best for your situation. You probably won’t qualify for all of them. In fact, you may only qualify for one. But if you do qualify for more than one, you may save yourself money (and worry) in the long run if you do your homework before signing on the dotted line.
Fixed Rate Mortgages
Consider a fixed rate mortgage if either of the following describes you:
Adjustable-Rate Mortgages (ARMs):
If you are more comfortable in taking a risk with your money or if interest rates are very high at the time you take out your loan, an adjustable-rate mortgage (ARM) may be the solution for you. You might also choose this type of loan if your planned ownership of the property is short-term or if you expect your income to increase to cover any potential rise in the interest rate.
Convertible ARMs:
If neither the fixed-rate or the adjustable-rate mortgage seems like the best option, perhaps the convertible ARM will be right for you. This alternative combines the initial advantage of an ARM with a fixed rate after a predetermined number of years. Obviously, this type of mortgage has more advantages when the initial interest rate is low and the future rate is not guaranteed.
Hudson Smith Real Estate Group
Sales Representatives
Office: 519-821-3600
Email: hudson@hudsonsmith.ca
824 Gordon Street
Guelph, ON N1G 1Y7
Hudson Smith
Real Estate Group
Sales Representatives
Office: 519-821-3600
Email: hudson@hudsonsmith.ca
824 Gordon Street
Guelph, ON N1G 1Y7
The trust you want, and experience you need.
Hudson Smith Real Estate Group is a trusted Guelph Realtor team ready to help you meet your real estate goals, whether finding your dream home, listing a property on the market or locating an investment property.
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