Mortgages **

Purchase The Home You've Always Wanted

A mortgage is essentially a large loan that allows one to afford a property. This loan is paid back through a process called amortization, which can last up to 35 years (but is generally 30 years). Interest accrues during this time, so it is desirable to pay off the mortgage as quickly as possible. Interest rates vary and depend on the lender and the type of mortgage.

There are two general types of mortgages: fixed and variable. Fixed refers to a fixed interest rate that is the same throughout the mortgage period. For example, a 5-year fixed mortgage means you will be paying the exact same amount monthly for 5 years. A variable rate mortgage is where your monthly payments will differ with time, based on the lender's fluctuating prime rate. Variable rate mortgages tend to have lower interest rates. For example, a variable rate may be 2.2% while a fixed rate 4%. For this reason, variable rate mortgages are more common as they save you a significant sum of money.

FTIC can help you determine the ideal mortgage for you, finding the lowest available interest rates and the most favourable terms. We'll make sure to scrutinize the fine-print and carefully explain all the details so you can rest assured. Contact your mortgage experts today.