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Friday August the 23rd, 2019 
Cecilia Ramos
Mortgage Broker Lic. M008002669

Ultimate Mortgage and Finance Solutions Inc FSCO Lic 11995
Independently owned and operated
Cell (416)728-1562              Office (416)757-9957

How to choose a fixed or variable rate mortgage

March 15, 2010 - Updated: August 1, 2013

Thank you for visiting By Cecilia Ramos

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Choosing a Fixed rate Mortgage

A fixed rate mortgage has an interest rate that does not change during the entire mortgage term.

How A fixed Rate Mortgage benefits you:

You can take advantage of the same interest rate for the entire term with a regular payment that stays the same.

You will have the security of knowing exactly how much your payments are and how much of your mortgage will be paid off at the end of your term.

Choosing a Variable Rate Mortgage

An interest rate that will fluctuate in accordance with the prevailing market prime rate during the mortgage term.

How a Variable Rate Mortgage benefits you:

Historically, variable rates have been lower than fixed rates and could save you more money.

If rates go down, a larger portion of your payment goes towards principal, helping you pay off your mortgage faster.  Your regular payment stays the same even if rates change

Variable Rate mortgage are based on the Canadian Governments Prime Rate.  Most lenders will offer a rate that is either Prime Minus or Prime Plus.  This means that the mortgage rate may be either lower than the prime lending rate or slightly higher.


For all of your Real Estate and Mortgage Needs please feel free to contact me anytime.  As always the referral of your family and friends is always appreciated.

Thank you,

Click here for Quick Pre-Approval


Cecilia Ramos

Mortgage Agent Lic. M008002669

Argentum Mortgage and Finance 11892                                                                               

Tel   (416)757-9957         

Fax  (416)757-9937            

Cell  (416)728-1562

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