In present days a mortgage is almost synonymous with purchase of a home. There can be many other reasons you might want to get a mortgage. You may need it for a business, home, school, medical bills and many other variety of reasons and purposes.
Shopping for a mortgage needs Proper Planning and information: Your plan have to be realistic and practical. Future changes in financial and personal life should be considered. Need and want should be blended in perfect harmony. You would find that in modern financial world mortgage is a tool which can help you take long strides without much discomfort. Also please remember if used improperly then it can cause serious damages. Do you research on-line and don’t forget off-line too. Ask you friends and colleagues also ask you bank. Educate your self before you decide to take up one.
According to a study 53% of Canadian carry mortgage loan. Also it suggests that 35% will have a mortgage loan even after retirement.
This is another question all of us faces. There is no straightforward answer to this. Your risk tolerance is main factor. Remember—in Canada most of the fixed rate mortgage resets their interest rate after the term. So there is no absolute protection. You can see the article on fixed vs variable to find out more.
| Canadian Mortgage Advisor |
|
