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What is the best type of mortgage to have right now, and, for how long?

The best type of mortgage really depends on your personal financial situation and goals. Whether you choose a fixed or variable rate depends on various factors such as the property, your expected duration of ownership, your current lender, and whether you need additional features like a line of credit. There is no one-size-fits-all answer, so it's essential to review your unique circumstances and consult with a mortgage professional to determine the best option for you.

What is the best rate you can get right now? (rate and term length)

The best rate available right now will vary based on several factors including (but not limited to): the term length, lender, amortization period, loan-to-value ratio, and use of property. The ideal rate will be the one that aligns with the term best suited to your financial situation, considering all variables. It's essential to evaluate your specific needs and circumstances to determine the most favourable rate. Consulting with a Mortgage Broker can help you find the optimal rate and term for you.

Should I get out of my variable mortgage if I have one?

If it's time for renewal, it's a great opportunity to explore both fixed and variable options. It would be the time to revisit why you initially went with variable, what worked and what didn't. Compare the current fixed options available and which one aligns best with your financial goals today.

Should I opt for a longer amortization period?

Considering a longer amortization period can help cushion the blow of payment shock by lowering monthly payments, though it might mean paying more interest overall. Given today's higher rate environment compared to 4-5 years ago, many are exploring this option to better manage their cash flow within their budget for the next term. It’s all about finding the right balance financially.

Can I trust a bank for mortgage renewal advice?

While banks can provide mortgage renewal advice, it's important to remember they may have limited options based on their own products. For the most comprehensive and unbiased advice, consider consulting a Mortgage Broker. Brokers can offer a wider range of options from various lenders, ensuring you get the best possible deal tailored to your needs.

What piece of advice or knowledge would you pass onto anyone looking to renew their mortgage?

My top advice: work with a Mortgage Broker! We provide independent and objective advice to help review all options at renewal. This ensures you make the best decision tailored to your financial situation and goals.

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