Jason Kays, AMP
With over 17 years experience in the Financial Services Industry, and having achieved the Accredited Mortgage Broker (AMP) designation, I have the experience and product knowledge to find you the mortgage with the lowest rate, and with the best terms for your personal financial situation.
As an independant Mortgage Consultant working with Mortgage Brokers City, I have access to over 40 lenders to find the best deal for you. I get paid by the lender we place the mortgage with, and you, the client do not pay me anything.
CTV Morning Live: Mortgage Minute - May 17
Date Posted: May 18, 2016
Frank begins speaking about mortgage terms and what the word "term" means.
Mortgage Term - Is the number of years or months over which you pay a specific interest rate. Term usually ranges from 6 months to 10 years.
This should not be confused with the amoritization period this is the time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, depending on the lender.
Frank then discusses the difference between fixed rate vs variable rate mortgages.
Fixed Rate Mortgages - Is when a mortgage for which the rate of interest is fixed for a specific period of time (the term).
Variable Rate Mortgages - Is when a mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage.
If you are not sure which mortgage is right for you contact one of our qualified mortgage brokers to discuss all of your options.