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5-year variable mortgage rates fluctuate with short-term interest rates. They have a good reputation in the market for saving borrowers money over time. These mortgages come in two forms: closed and open. A closed 5-year variable is meant to bind you to the terms of your mortgage for the duration of 5 years while with an open 5-year variable; you get the flexibility to pay off your mortgage in full at any time. How can you calculate your payments with Variable Mortgage Products? There are two ways in which you can calculate your payments with variable mortgage rates. ·          Pay a set amount each month The proportion of interest to be paid changes as per the interest rate at the time. This means you can take advantage of today’s falling rate environment and while maintaining a constant payment, pay down more of your principal. ·          Pay a certain amount of principal and interest The amount you pay each month goes up or down with the interest rates ch

Are you planning to get a new mortgage? If so, there are chances that you might have a few misconceptions. There are many misconceptions that might take your time and money because of a delay in your investment. Getting a mortgage is an important decision and you cannot compromise on that. There can be many reasons that might obstruct your way in getting the best mortgage for you. Here are four of the big myths busted about the mortgage that you better don’t believe.  Going straight to the bank saves you money You might be thinking about getting a mortgage loan directly from the bank to cut the costs of a mortgage broker. It is better to learn that it might not really do so. You may be charged more than necessary by your bank b ecause you have been a loyal customer and they know that you will accept the very first quite given to you. This is where a mortgage broker can save you. He will help you shop around to get the best rates for you. You have to pay your mortg