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The best interest rates in Barrie

The qualified staff at the Turkin Mortgage in Barrie know the Real Estate market in the area. They are also very knowledgeable when it comes to mortgage rates. They keep abreast of the economic fundamentals that influence interest rates, and they know the regulations and the requirements of the various products. This is why they are able to offer you the best rates in the industry.

Mortgage rates can change quite quickly. In securing a mortgage, timing is of the essence. When rates are low you can secure a great deal and lock in over the longer term. This can save you thousands. Before you buy a home, or even if you are just changing your mortgage provider, it is important to do your homework and to choose a Barrie mortgage broker that you trust.

We have an extensive list of lenders and a package of brokerage products that ensures that we are always able to offer you exactly the product that you require. Let us help you to make the choice between fixed and variable rates and select the best mortgage term to balance risk with cost. This will ensure that you pay the best rates over the amortization period of your mortgage. A small difference in interest rates can add up to thousands of dollars over the pay-back period.

If you have a decent credit rating, or if you are able to make a larger down payment, you will automatically qualify for lower rates. Either way, we will help you to get the lowest rates on the market.

Below we explain some of the terms and conditions that will form part of the mortgage decisions that you will make when signing up.

What is an Open Mortgage

If you plan to pay off your mortgage ahead of schedule, this is the option that is most likely to appeal to you. This type of mortgage can be paid back in full or in part at any time during the term without attracting pre-payment interest. You can also convert this mortgage to another at any time without paying fees. Because of their flexibility, the interest rates on these products are typically higher than the interest rates on closed mortgages.

What is a Closed Mortgage

Interest rates on closed term mortgages are lower than those on open mortgages, so if you see little chance of paying back your mortgage early, this is a good choice. A closed mortgage will restrict how much of the principal you can pay back. If you want to renegotiate the rate or pay off the mortgage before the term is up you will be liable for pre-payment interest.

Variable Mortgage Rates

Over time variable mortgage rates are typically lower than fixed rates, but you leave yourself open to the risk of rate increases over the period and the amount that you will have to pay will change with the interest rate changes.

Fixed Mortgage Rates

When you opt for a fixed rate, you will pay the same amount of interest and make the same repayment for the term of the loan. In this way, you can ensure stability over the period. More than 50% of Canadians prefer the stability of fixed mortgage rates.

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The terms and conditions on mortgages can vary substantially along with the interest rates. Your trusted mortgage broker will help you to choose the product that best suits your lifestyle and your budget.
We are committed to giving you the best customer service. You deserve no less.
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