Help! Should I Lock In My Variable Rate Mortgage?

Help! Should I Lock In My Variable Rate Mortgage?. Lock It In Because Mortgage Rates Gonna Mortgage Rate - Today's Mortgage & Real Estate News

Help! Should I Lock In My Variable Rate Mortgage? video duration 2 Minute(s) 26 Second(s), published by MonsterMortgage.ca on 09 10 2013 - 23:09:52.

In this week's video blog at MonsterMortgage.ca, Mortgage Expert Kristian Harris talks about an issue that many MonsterMortgage.ca clients are calling about https://www.dollar.bank/mortgages/ Did you know that mortgage rates can change often? Sometimes twice a day
So it's best to protect your rate while you're in .

Melissa Cohn, a leading expert on the mortgage industry in New York City, speaks to StreetEasy about when it's best to lock in a mortgage rate, when to wait, Now you can secure a low interest rate on your mortgage while you shop for a new home, even without a formal offer on a property
Our Lock and Shop program https://growella.com/mortgage/ ▻ Today's mortgage and real estate news: (1) The Federal Reserve's FOMC adjourns from its two-day meeting and raises the .

In this week's video blog at MonsterMortgage.ca, Mortgage Expert Kristian Harris talks about an issue that many MonsterMortgage.ca clients are calling about - whether to lock in their variable rate mortgage or not.

If you're enjoying a variable rate mortgage at Prime - 0.70% (2.30%) or lower, and you're worried about what rates might look like during your renewal time, you may be better off holding on to that rate but increasing your payments as if you had a mortgage at 4.00% interest.

Increasing your payments over and above your regular monthly or bi-weekly payment will start to bring down the principal portion of your debt. In the case that you do renew your mortgage in 2015 or 2016 at a higher rate, your lower principal debt will help offset any interest rate increases. If you renew your mortgage in 2015 or 2016 and rates remain roughly the same, you'll have put yourself into an excellent spot financially with your mortgage.

Why forfeit a year or two of a historically low interest rate to lock in rates that may or may not be higher down the line?

If you have questions about variable rate mortgages, or whether or not you should look to lock in your mortgage today, visit our website at www.MonsterMortgage.ca or send us an e-mail at Info@MonsterMortgage.ca