Mortgage Brokers Ottawa and Aspire Wealth Group are pleased to announce their partnership.
Aspire Wealth Group was created from Jason's passion for helping people with their finances. With over 17 years in managing client relations, his main focus is to create solutions to help people accomplish their lifelong goals.
In his down time, he enjoys spending time with his friends and famiy around the lake and taking his kids for a skate on the backyard hockey rink.
We look forward to being of service!...
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.