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Variable Versus Fixed Rate Mortgages with Jessi Johnson Mortgage Broker!

Last week I had the pleasure of meeting up with Jessi Johnson of the Jessi Johnson Mortgage Team to discuss the merits of a Variable Rate Mortgage versus a Fixed Rate Mortgage. What is a variable rate mortgage? This is a mortgage that has an interest rate that changes in line with the Bank of Canada's prime rate.Variable rate mortgages tend to have a lower interest rate than a fixed rate mortgage, but the interest rate on a variable mortgage can change at any time. What is a fixed rate mortgage? A fixed rate mortgage has a set interest rate…

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Mortgage Penalties and Selling Real Estate – Check with your Lender before Selling or be Prepared to Pay!

 Don't Let Mortgage Penalties Bite you in the Backside - Check with your Lender Before you List!   A lot of people assume that when they sell a property they can pay off the principal of their mortgage with the sale proceeds and be done with their lender. This is not the case. A mortgage is a legally binding contract between you and your lender for you to pay them a stream of principal and interest payments for the term of the mortgage. The lender will have something in the small print of the mortgage they can get either…

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