Tag Archives | Mortgage Rates

Long-term Fixed Mortgage rates vs Short-term Rates

There is a compelling case to be made for not locking in a long-term fixed mortgage rates. Brokers often tout their 5-year rate, but it can honestly be a disservice to their clients and can hinder potential home re-sales with large penalty payout fees. A simple calculation of interest paid year-by-year will mostly likely show a substantial savings by going short-term mortgage rates rather than long-term.  A 5-year fixed mortgage rate can be a good strategy, but it is not the only strategy.When buying a home, it’s always a good idea to seek a second opinion about mortgages before choosing one option over the other. If you are with a bank, speak to a mortgage broker and if with a broker, talk to your bank. In any case, don’t hesitate to call Elke at 403-295-3336 if you have questions!

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 Selling Calgary Group     Elke Babiuk
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