Wednesday, June 16, 2010

Short or Long term on your Mortgage what's the best choice?

The choice to go with a long or short term mortgage is dependent upon many factors and only you can make the final decision.

It can also depend upon your risk tolerance, if rates increase, and some people like to know their rate and payments are fixed for a long period of time.

There are great opportunities right now for variable rate mortgages.

This link will show you the opportunity that exists by choosing short term mortgages: http://blog.mississauga4sale.com/2010/05/opportunity-abounds-long-term-versus.html

You can read about my person situation and recommendations at this page: http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

How to pay down your mortgage quicker: http://blog.mississauga4sale.com/2010/04/how-to-pay-down-your-mortgage-faster.html

More reading at this page too: http://blog.mississauga4sale.com/2009/12/is-it-time-to-lock-into-long-term.html


As you can see, it's completely up to you.

I still feel that short term rates are the best choice because it may take 2 to 3 years before the prime rate reaches current mortgage variable rates, which means you will be saving money all the while.

You should be able to find variable rates of about prime minus .5% or so.

I hope this helps.

Please let me know if you have more questions.

Thank you,

Mark

Toronto Real Estate Board (TREB) Average Prices and GraphFor more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,Specializing in Residential & Investment Real EstateRE/MAX Realty Specialists Inc., Brokerage2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1BUS. 905-828-3434FAX. 905-828-2829E-MAIL: mark@mississauga4sale.comWebsite: Mississauga4Sale.com

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