Friday, November 2, 2007

Variable Rate Mortgages

There is a lot more variable rate mortgages available in today's landscape. Every lender offers some form of the mortgage and usually 2-5 different versions. This can make the task of choosing the right one for you very difficult. There are standard prime-? for the entire term or deep discount for a short period of time. There are also various mortgage penalties, if you wish to pay out earlier then the committed mortgage term. As we always recommend, you should look at your own risk tolerance when taking a variable rate mortgage first. After that you will need to review all the major details with your accredited mortgage professional. Together you can work through the highlights and terms of the mortgage that meet with your personal needs. Once the mortgage is chosen you should keep in touch with your mortgage professional to make sure when or if the time is right to convert the mortgage to a fixed term.

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