When making the decision whether to go with a Fixed or Variable rate we have choices to make.  A fixed rate is a rate you lock into for a term and will remain at that rate for the length of the term you select.  A variable rate will fluctuate, depending on variables conditions, such as Bank of Canada Overnight Rate and Prime Rate.  An interesting fact is that in 2012/13, 8% of Mortgage renewals switched from Fixed to Variable according to CAAMP (Canadian Association of Accredited Mortgage Professionals) May 2013 “Change in the Canadian Mortgage Market”.

Variable rates are typically lower than fixed rates, so the 3 year variable mortgage rates Ontario is appealing as it a shorter term should you be concerned if mortgage rates rise but want to take advantage of the lower rate. The good news for the variable rate, is you have the ability to lock into a fixed rate. Mortgage brokers Ontario at Real Mortgage Associates continually work towards offering you the best mortgage rate in the most cost-effective manner.   Whatever your mortgage needs, we service First Time Home Buyers, Self Employed Mortgage,  Debt Consolidation, Mortgage Renewal, Equity Take-out, New To Canada Mortgage and Renovation Mortgage.

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