Types of Mortgages

At Quinte First we offer various mortgage solutions and competitive rates.  Whether you're buying a new home, renewing your mortgage, or refinancing, contact us today and we will help you determine the best option for you.

 

Fixed Rate Mortgage

What is a fixed rate mortgage?

A fixed rate mortgage is a mortgage that has the same “fixed” or locked-in interest rate for the term of the loan.

This means that you will have the security of knowing exactly what your interest rate will be, allowing you to budget accordingly and keep the same predictable payment every month until the term matures. At Quinte First, you have the option of choosing the term that is right for you.  You may choose anywhere from one year to five years.

 

A fixed rate mortgage may be the right choice for you if:

  • You prefer to know precisely what your interest rate is and don’t want to worry about rate fluctuations
  • You want to know how much to budget for each month and count on a predictable payment
  • You want to know which portions of your payment are going to interest and to principal
  • You want to know how long it will take to pay back in full (this is the amortization)

 

Variable Rate Mortgage

What is a variable rate mortgage?

A variable rate mortgage is a mortgage that has an interest rate which will fluctuate with any changes in our prime interest rate.

 

What does this mean for you?

Your payments remain the same for the term of your mortgage, even if prime goes up or down. The difference is if the prime rate falls, more of your payment goes to principal; if the prime rate rises, more of your payment goes to interest.

 

A variable rate mortgage may be the right choice for you if:

  • You want to take advantage of competitive interest rates and potentially save money on interest costs.
  • You still want to know how much to budget for each month and keep a predictable payment, but realizing the portion of your payment going to interest could fluctuate.
  • You have some risk tolerance and understand how the amortization (total debt repayment period) could change as a result of rate changes.

 

Plus, take advantage of these features and benefits!

  • Take out a mortgage for up to 95% of the value of your home
  • You choose your payment schedule – Monthly, semi-monthly, bi-weekly, accelerated bi-weekly, weekly, or accelerated weekly.
  • You choose your amortization – up to 25 years available
  • Peace of mind with payment protection – Life, Disability, Critical Illness, and Loss of Employment
  • Rate guarantee – for new mortgages, guarantee a rate for up to 120 days before closing
  • Alternative payment options to pay down your mortgage even faster

 

Ready to get started?


To learn more about a Quinte First Mortgage or to discuss your options,
meet with one of our knowledgeable and friendly lending specialists.

Call us at 613-966-4111 or visit your local branch 

 

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