When looking at your mortgage options, you will be faced with the decision on whether to choose a fixed or variable rate mortgage. As a mortgage broker, it is my job to help you determine which option is better for your situation.
However, there are compelling reasons as to why a variable mortgage rate may be best for you, outlined by my colleague, Teresa Martin Grier:
- 1. It’s usually a cheaper interest rate;
- 2. It’s always a better monthly P+I repayment distribution;
- 3. More flexible contract terms, and cheaper to get out of if you need to;
- 4. Banks are NOT going to increase your VRM payment severely.
While a flexible rate is appealing, it is always best to speak with a mortgage broker which rate type will best suit your specific mortgage needs.
Call me today to discuss your options!