Variable Mortgage Rates

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A Cheaper, More Uncertain Route to Home Finance

At Certified Mortgage Brokerage Mississauga you will be given the choice of a fixed or variable mortgage rate and depending on your situation one option may be better than the other.

Variable mortgage rates are cheaper than fixed mortgage rates even when calculated over the long run, and for this reason, many Mississauga homeowners have chosen to go the route of variable interest rates. Variable rates offer no certainty when it comes to calculating the overall cost of servicing the debt and for many the uncertainty is unacceptable. This is especially so in an environment of increasing interest rates.

If you are willing to bear the risk of rising interest rates, there is little reason to pay the premium that is required to lock in your mortgage rates.  Instead, you could pay the extra amount into your mortgage reducing the principal. By doing this you could mitigate the effect of a rise in interest rates.

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Variable Interest Rates Could Influence the Equity in Your Mississauga Property

If you opt for a mortgage with a variable interest rate the repayments stay the same for the term of the agreement but repayments to the principal amount will fluctuate according to the current interest rates. When interest rates drop, a larger portion of the repayment will go to the principal and when they rise less of the principal amount will be paid off.

This means the term of the contract may be longer or shorter than initially planned. This impacts on the overall interest cost and the amount of equity in your property. In environments where the interest rates rise steeply, the payment may no longer cover the interest accrued. Most lenders will allow you to change over to the fixed interest rate at any time during the contract and you should find out what the conversion rate will be prior to signing the agreement.

Variable rate mortgages are sometimes confused with adjustable rate mortgages where the payments are adjusted according to the prevailing interest rates

Variable rates are based on the prime lending rate that the Bank of Canada uses to determine interest rates for all banks in Canada. The Central Bank meets every few months to determine the overnight or key rate. Their decision in the respect is based on inflation and the strength of the economy.

The key rate is the cost that banks must pay to borrow from the Central Bank, which is why it has a direct effect on the prime interest rate. The variable interest rates will move up or down in tandem with the prime interest rate as variable rates are usually quoted as prime plus or minus a percentage.

Short Payments on the Principal Amount Could be Costly

Interest rate movements are hard to predict and they can change quickly at any time. Variable interest rates are cheaper than fixed rates as fixed rates must factor in the risk of interest rate increases. Variable rates could be the sensible option when interest rates are on a downward cycle, but in the current upward cycle could result in an extended amortization term.

Variable rates are riskier than fixed rates as you are open to interest rate fluctuations. Based on statistics the variable rate is the best option if you wish to pay the lowest interest rate, but the savings must be weighed against the risk of increased overall costs if shortfall payments to principal result in extensions to the overall term of the mortgage.

Before making a decision on which option to take, you should seek the advice of a local Mississauga mortgage broker.


I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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