CTV News - Mortgage Minute July 23
Ottawa Mortgage Broker Frank Napolitano joins CTV's Kurt Stoodley to talk about the recent uptick in mortgage rates, and what to take into account when choosing between fixed and variable rates.
Click here for the full video from CTV.
Amid recent news surrounding a rise in mortgage rates, many Canadians are left wondering what choice to make next. Should those with variable rate mortgages lock into a fixed rate, or is now the perfect time to go variable?
Frank advises viewers to be informed about the terms and possible penalties of their mortgage before locking in. Although most lenders will charge only 3 months interest to break a mortgage early, some are starting to charge 3% of the balance.
If you're renewing, refinancing or applying for a brand new mortgage, talk to an Ottawa Mortgage Broker to review your options.