Frequently questions asked for Mortgage Rates in Moncton
What happen if the Prime rate goes up -
If the Bank of Canada announce a change in the prime rate, your Mortgage Lender will notify you of your new payment before it comes into effect. If your contract is Prime - 0.80%, it means that your interest rate will always be 0.80% less than the Prime Rate of the Bank of Canada.
I am looking to purchase a First house, should I go with Fixe or Variable -
First time home buyers are more concerned with the decision of taking a fixed rate or a variable mortgage rate. If you think that you will live in this property for the rest of your life or for at least the next 5 years, then I can recommend a fixed rate. If you already know that this is only a property that you want to own for a few year and then purchase another property, I will recommend to take the Variable mortgage rate. It also depend on personal budget, if you cannot afford an increase of payment, then again, I would recommend a fixed rate for stability.