Brokerage License: #10250 Independently Owned and Operated

  • Home
  • About
    • The Welch & Co Team
      • About Raquel
      • Gib Hannah
      • Guy Ferguson
    • Partners
    • Testimonials
  • Resources
    • Online Application
    • First Time Home Buyers
    • Mortgage Renewals
    • Homeowner Refinancing
    • Blemished or No Credit
    • Mortgage Tips
    • Real Goods
    • Seniors
    • Email Consent
  • Calculators
    • Mortgage Qualifier
    • Mortgage Calculator
  • Rates
  • Blog
  • Contact
Search
  • Home
  • About
    • The Welch & Co Team
      • About Raquel
      • Gib Hannah
      • Guy Ferguson
    • Partners
    • Testimonials
  • Resources
    • Online Application
    • First Time Home Buyers
    • Mortgage Renewals
    • Homeowner Refinancing
    • Blemished or No Credit
    • Mortgage Tips
    • Real Goods
    • Seniors
    • Email Consent
  • Calculators
    • Mortgage Qualifier
    • Mortgage Calculator
  • Rates
  • Blog
  • Contact

12
jul
0

Fixed vs. Variable

Posted by Welch & Co, Mortgage ProfessionalsMortgage News!, Real Goods, Understand MortgagesNo Comments

The Bank of Canada has increased the overnight rate by a quarter point, as of yesterday’s meeting.

 

What does this mean to you if you have a variable rate mortgage?

 

It means that the Bank of Canada Prime rate, which most lenders adopt as their Prime rate, has increased from 3.45% to 3.70%. With 5 year terms offering anywhere from Prime -.75 % (currently 2.95%) to Prime minus 1.00% (currently 2.70%) this still represents a far wiser option than the fixed rate mortgages for a 5 year term. This video is fantastic in explaining the risks/ benefits of taking a variable rate versus a fixed rate mortgage.

 

If you have a variable rate mortgage, or are considering one: YOU SHOULD WATCH THIS!

 

Image retrieved from Yahoo Canada.

Bank of Canada Canada Canadian Mortgages Fixed rates Increase Interest rate Interest rates Kingston Mortgages mortgages Overnight rate Prime rates Rates risk Variable Rates

About Welch & Co, Mortgage Professionals

No Comments

Leave a Reply Cancel Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Apply Now

Resources

  • Online Application
  • First Time Home Buyers
  • Mortgage Renewals
  • Homeowner Refinancing
  • Blemished or No Credit
  • Email Consent

Calculators

  • Mortgage Qualifier
  • Mortgage Calculator

Recent Posts

  • Starting Over ~
  • Bank of Canada Maintains Record Low Overnight Rate
  • CMHC Changes mortgage rules again!
  • Update on COVID-19 Kingston & Lenders’ Relief Options
  • Bank of Canada cuts rates again

Give us a call

613-546-2989

Connect with us

Contact Info

Address: 775 Blackburn Mews, Kingston ON K7P 2N5
Email: welchco@mtgprof.com

Licensed Agents

Raquel Welch: #M10000573 613.888.3599 raquel@mtgprof.com
Nancy Naim: #M08002086 613.532.3307 nancy@mtgprof.com

Connect With Us

© Welch & Co. Mortgage Professionals, 2022.
Website Design by RedTrain
About Resources Online Application Rates Contact