Friday, December 19th4.8°C
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Finance

Advantage of 10-year fixed

With all the turbulence in financial markets right now analysts are having a difficult time predicting where interest rates may be in 5-10 years.  With all this uncertainty, today is a good time to look at locking into a 10 year term for three reasons. 

Firstly the current 10 year rate is at an all time low right now. 

Secondly payment certainty.  Most people tend to budget their expenses around their mortgage and the 10 year rate allows the borrower to be able to budget for the long term. 

Thirdly, a 10 year provides safety.  The average mortgage holder with a $300,000 mortgage could face an increase of $300 - $400 per month when their current term matures, if rates do increase by 2% over the next 3-5 years.

Now is a great time to consider at 10 year fixed rate mortgage. If you would like your own report,  click here

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About the author...

Laurie Baird is a Mortgage Broker with Verico Complete Mortgage Services. She has been in the mortgage business for 17 years starting as a lender with Royal Trust. She later worked at the Royal Bank as a Mortgage Consultant and 11 years ago became a Mortgage Broker. As a Mortgage Broker she is able to match her clients' needs with a lender who will provide them with competitive rates and products. Laurie has a Bachelor of Education degree from UBC.

Contact her at 250-862-1806 or by fax 712-0209 or visit:
http://www.okanaganmortgages.com/

Visit Laurie's blog at: http://www.okanaganmortgages.com/blog.html




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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.


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