Will You Get Burned With a Variable Rate Mortgage?

<p>Canada’s red-hot real estate market is finally cooling. Interest rates are jumping up and the Bank of Canada is showing no signs of stopping. What does this mean for you and your mortgage? Whether you’re refinancing or purchasing your first property, the decision of fixed vs variable rate can make a HUGE impact on your finances. Do you know which one is right for you?</p> <ul><li>A surprising stat on how rising interest rates have affected the ability of Canadians to make mortgage payments (1:24)</li> <li>Recap: What is a mortgage and when do you get one (1:49)</li> <li>What affects your mortgage payment (2:32)</li> <li>What is a fixed-rate mortgage? (4:03)</li> <li>What is a variable rate mortgage? (5:07)</li> <li>Do variable rate mortgage holders pay more if the interest rates increase? (6:27)</li> <li>Fixed vs. Variable – What has been better in the past? (9:00)</li> <li>Pros and Cons of a fixed mortgage (9:55)</li> <li>Pros and Cons of a variable mortgage (11:42)</li> <li>Factors in your decision to choose fixed or variable (12:35)</li> </ul> <p>Show Notes: <a href='http://www.alliedhealthfinancial.ca/episode118'>www.alliedhealthfinancial.ca/episode118</a></p> <p>Resources</p> <ul><li><a href='https://gecko-indigo-z7lw.squarespace.com/https:/mailchi.mp/86f1694650fc/allied-health-financial-toolkit'>Download the Financial ToolKit</a></li> <li><a href='https://gecko-indigo-z7lw.squarespace.com/episode77'>Episode 77: The Mortgage Process - First Meeting</a></li> <li><a href='https://www.nerdwallet.com/ca/mortgages/fixed-vs-variable-mortgage'>Nerd Wallet: How to Choose Between Fixed and Variable-Rate Mortgages</a><a href='https://www.td.com/ca/en/personal-banking/products/mortgages/mortgage-rates/'>TD</a></li> <li><a href='https://www.td.com/ca/en/personal-banking/products/mortgages/mortgage-rates/'>Bank Mortgage Rates</a></li> <li> <p><a href='https://gecko-indigo-z7lw.squarespace.com/contact-us'>Contact Us</a></p> </li> </ul> <p>Theme Music: <a href='http://incompetech.com/'>Pamgaea Kevin MacLeod</a>.  <a hre