This week’s MonsterMortgage.ca video blog addresses the age old debate between the Fixed Rate Mortgage and the Variable Rate Mortgage. In late 2011, banks started to sharply decrease their offerings on the Variable Rate Discount, making the variable rate less attractive.
In my opinion, with variable rate mortgages moving so close to the prime rate, you may have to strongly consider going fixed; however, there is another alternative – The Mix N’ Fix plan.
The Mix N’ Fix plan looks to take some of the advantages of the variable rate mortgage and pairs them with the predictability of the fixed rate mortgage plan. The Mix N’ Fix mortgage plan produces a “Reality Gap” which indicates the advantage between your typical Fixed Rate Mortgage and the advantageous Mix N’ Fix plan.
If you have any questions, comments or concerns, feel free to e-mail me directly at vinceg@monstermortgage.ca or at info@monstermortgage.ca
I would be more than willing to sit down and have a look at your unique mortgage situation and answer any questions you may have in regards to a plan like the Mix N’ Fix or even more conventional products like the variable or fixed rate products.
As always, please be aware that there are multiple mortgage products available to you and no individual mortgage product will be right for everyone. Thank you for watching this week’s blog!
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