Who can help me with my mortgage?Ian Leverington | Mortgage Broker / Associate
Best Mortgage Rates Regina
Mortgage Brokers Regina
Ian Leverington | Mortgage Broker
Ian is a driven professional with a strong focus on the details and with 12 years of experience in client relationship building, he knows how to ensure customer satisfaction every time. He understands the level of trust his clients have in him and he takes the responsibility of looking after their best interests very seriously. Though, he never takes himself too seriously; making sure the mortgage process is as enjoyable as possible.
To Ian, it’s crucial to review every client’s overall financial picture to help them find the best mortgage option to situate them for better financial success in the future. To ensure a simple and stress-free experience from start to finish, Ian acts as a project manager for each mortgage transaction, maintaining communication and providing updates between the client, realtors, lawyers, appraisers and simply everyone involved. No matter what your mortgage needs, you’re in good hands with Ian Leverington.
Agent License ID | 316484
Brokerage License ID | 315823
What is an Open Mortgage?
In an open mortgage, borrowers can make additional mortgage payments without incurring penalties. An open term allows a borrower to renew, refinance or switch lenders at any time. The term is typically shorter, and is set from six months to five years with either a variable or fixed rate. While open mortgages provide borrowers with freedom, they usually come with a higher interest rate.
Open mortgages are advantageous to borrowers in that they allow extra payments to be made without penalty. As an open mortgage comes with a shorter term, borrowers who intend on living in their home for a short term may find that an open mortgage best suits their needs.
What is a Closed Mortgage?
Closed mortgages have restrictions on the amount borrowers can pre-pay. In agreeing to a closed mortgage, if you refinance or sell your home before the term is up you will incur a penalty. Closed mortgages have longer terms than open mortgages, ranging from six months to 10 years. Closed mortgages also typically have lower interest rates than open mortgages. While you cannot pay out your mortgage early without a penalty, Canadiana Financial Corp offers pre-payments for up to 20% of the original principle balance with each year.
Closed mortgages provide borrowers with stability through restrictive pre-payment options and lower interest rates. A closed mortgage may be suitable for borrowers who are planning on staying in their home for a longer term.
What is a Fixed-Rate Mortgage?
In a fixed-rate mortgage the interest rate remains the same through the term. The interest rate is “fixed” (meaning it will not change throughout the term) and the borrower’s payment amounts remain stable throughout the duration of the term.
With a fixed-rate mortgage, the borrower is confident in knowing the amount they will pay. Fixed-rates provide borrowers with stability. Regardless of market conditions, and whether interest rates rise, the rate on a fixed-rate mortgage remains stable, at the agreed upon rate.
A long-term, fixed-rate loan will usually have a higher interest rate than a short-term, fixed-rate loan. In the end, the fixed-rate loan with the longer term will usually be more expensive. When choosing your fixed term, it is important to consider the length of time you want to lock in your rate to avoid unnecessary future prepayment penalties.
What is a Variable-Rate Mortgage?
A variable-rate or adjustable-rate mortgage is a mortgage loan with an interest rate that is adjusted periodically. These adjustments are based on an index (usually referred to as the lender’s “Prime Rate”) which reflects the cost to the lender of borrowing on the credit markets.
As a result of these adjustments, Variable Rate Mortgages are generally better-suited to borrowers who are able to withstand potential increases in payments during the term. If the index (or Prime Rate) increases substantially in a short period of time, the borrower could experience a real financial burden.
On the other hand, a variable-rate mortgage is often considered to be advantageous because the initial interest rate is lower than a fixed-rate. However, it is important to remember that variable-rate mortgages depend on market conditions. The potential for saving money is balanced by the risk of higher costs if interest rates rise.
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