How to Choose between Fixed-rate mortgage and Variable-rate Mortgage

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If you are a first time home buyer and are looking for some good mortgage options, then it is very important that you have a basic idea about the various mortgage options available in the market. There are basically two types of mortgage options available; one is the Fixed Mortgage Rates in Windsor and the other is Variable Mortgage Rates. In order to find best mortgage rates in Windsor, it is advisable that you seek professional help of a mortgage broker in Windsor, as they are very diligent in their work and know how market trends will be impacting the mortgage rates.

As Prime rates are subjected to change with every decision taken by the Bank of Canada, causing changes in the variable mortgage rates, it is very difficult for individuals to understand the current mortgage rates in London. It is also advisable that before approaching any mortgage broker, you should carry out some research work on your own. You can use the services of our website Ratetrade.ca to calculate mortgage in London. Our website also helps you to determine the monthly mortgage payment amount with the help of mortgage payment calculator in London.

It is better that before deciding on any mortgage, you compare mortgage rates in London so that you land up with the correct mortgage scheme. Mostly people prefer fixed rate mortgage as in this case the mortgage rate will remain same throughout the mortgage term, irrespective of what happens in the market. But in the case of Variable rate mortgage, the mortgage rates will change every time the Bank of Canada decides to change the rate. It will result in a change of prime rates which will directly affect your variable mortgage rate. So think wisely before deciding on the mortgage option.

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