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Current Mortgage Rates

Fixed Rate Vs. Variable Rate

Fixed Vs. Variable Mortgage Rate

One of the first decisions a home buyer faces during the mortgage process is whether to choose:

> A fixed rate mortgage

> A variable rate mortgage.

The choice is not always an easy one. Also depends on the borrower’s risk tolerance as well as their financial ability to tolerate any increases in their monthly mortgage payments.

Fixed Rate

Fixed mortgage rates are great for clients who want: stability in their payments, manage a monthly budget, or are more conservative. With a fixed rate mortgage; the mortgage rate and payment you make each month will stay constant for the entire term of your mortgage.

For example; Newcomers to Canada or first time home buyers with a large mortgage, are better off with the peace of mind that a fixed-rate mortgage offers.

Variable Rate

A variable mortgage rate allows the borrower to take advantage of lower rates. With a variable rate mortgage; the mortgage rate will change with the prime lending rate set by your lender– the interest rate is higher or lower each time the prime rate changes.

For example, if the mortgage lenders’s current prime mortgage rate is 3.50%, and the borrowers mortgage is set at prime minus 0.50%. The borrower’s mortgage rate would be a 3.00% variable interest rate mortgage.

As a home buyer, the best option is to have a open discussion with your mortgage professional to ensure you have a full understanding of the risks and rewards of each type of mortgage. Our Interactive Mortgage Calculators will allow you to explore your mortgage options to make the right home financing decision.

Our Sunlite Mortgage agents will walk you through the choices available; and help you identify the most suitable mortgage product to your current situation. All while looking at your short and long term goals. Contact a Sunlite Mortgage agent today at (877) 385-6267 LOANS and we will be happy to help you with a mortgage.

Second Mortgages

We offer two Types of home equity loans – a home equity loan and a home equity line of credit. A home equity loan has a set amount of loan. At the beginning of the mortgage you know how much the loan is and how much the set monthly payment is, and you pay that amount until you pay out the loan. The other type is called a home equity line of credit, you have access to money, but you only make payments if you actually use the money, similar to a credit card.


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