Open House - The Real Estate and Mortgage Show
Tune in for the final Real Estate and Mortgage Show of 2013! On this week's show, the 2013 market, fixed versus variable mortgage rates, and more.
On this week's episode of the Real Estate and Mortgage Show, Chris Hoare joins Frank and Steve for the last show of 2013. In this episode, the trio discuss fixed versus variable mortgage rates, recap the 2013 market, and take listeners' calls.
One caller this week was curious about choosing between a fixed or variable mortgage rate. Variable rates are seeing a rise in popularity, as the prime lending rate has been at the same level since 2010, and isn't expected to increase for at least another 2 years. However, many clients still choose fixed rates for peace of mind and stability. As Frank points out, every borrower is different, and suggests talking to an Ottawa Mortgage Broker for more information.
Some statistics to wrap up the year:
- 41% of Canadian home owners have paid off their mortgages;
- 44% set their payments higher than the minimum;
- 31% make lump sum payments, and
- The average percentage of equity is 47%.