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USA Affecting Canadian’s Choice of Fixed Versus Variable Mortgage ...This is a discussion on USA Affecting Canadian’s Choice of Fixed Versus Variable Mortgage ... within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; If the prime rate moves up while you’re in a variable rate mortgage , you have the flexibility, in almost ... |
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| Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower. |
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If the prime rate moves up while you’re in a variable rate mortgage, you have the flexibility, in almost all cases, to lock into a fixed term. Rates aside, there are other variable-rate mortgage features to consider, ...
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