Posted by: Nick Ametrano
Chaya Cooperberg posted a blog that appeared in the Thursday, May 27, 2010 edition of the Globe Investor section of the Globe and Mail website on the pros and cons of hybrid mortgages.
There are a few mortgage products offered by various lenders that are designed specifically for consumers looking for hybrid mortgages; but like everything else, this home loan product is not right for everyone. The key for Canadian consumers in search of the right home loan product offering is to allow yourself access to all mortgage options in the market not just those offered by one bank. Plus, you must make sure that you understand the terms of your mortgage contract so that you can make the right decision for you and pay down your mortgage faster. The hybrid mortgage rate concept is ideal for someone that wants to expose a portion of their mortgage to the market but in a controlled environment, but you really need to know the specifics of each banks’ offering. This will help you when you are speaking to your Mortgage Broker about whether this is the right type of mortgage product for you.