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Mississauga

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Mississauga

Welcome to Mississauga, Ontario! As a vibrant and bustling city, Mississauga offers a wealth of amenities, attractions and a growing cultural scene. With easy access to the Greater Toronto Area, it is the perfect place to live, work and play. Famous for its waterfront views, walk along the harbourfront to take in the stunning beauty of Lake Ontario. Visit the outdoor markets and soak up the sun in one of the many parks. Take a stroll through the art district and explore the many galleries, museums and performing art centres. If retail therapy is more your thing, head to Square One Shopping Centre, one of the largest shopping malls in Canada. From playing sports in the communities to dining at some of the many popular restaurants to attending festivals, there's something for everyone here in Mississauga. It's simply the perfect place to call home.

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Understanding mortgage interest rates

Mortgages also come with different interest rate structures. The three most common structure are (1) fixed rate, (2) variable rate, and (3) adjustable rate. Here’s a brief explanation:

  1. Fixed rate mortgage: With a fixed rate mortgage, the interest rate remains the same for the entire mortgage term (usually between 3 to 5 years). Your monthly payments will also remain the same, making it easier to budget and plan for the future. Fixed rate mortgages are popular with homeowners who prefer the stability and predictability of a consistent payment amount. The term of a fixed rate mortgage can range from as little as six months to as long as ten years or more. However, fixed rate mortgages usually have an interest rate higher than a similar variable interest rate mortgage. In addition, there are higher penalties for breaking a fixed rate mortgage earlier than the agreed upon term.
  1. Variable rate mortgage: A variable rate mortgage is a type where the interest rate can change over time based on changes to the lender’s prime rate or other benchmark rate. However, monthly payments will remain the same unless interest rates increase so much they surpass your trigger rate. If they do, then your monthly payments will likely increase. Otherwise, you will pay more interest and less equity using the same monthly payments as interest rates rise. Variable rate mortgages are great when you believe that the prime rate will decrease during the term of your mortgage or if you think there is a chance that you will break (or end your mortgage) earlier than the agreed upon term, as the penalties for breaking are lower.
  1. Adjustable rate mortgage: An adjustable rate mortgage (ARM) is similar to a variable rate mortgage, but monthly payments are not constant. If the lender’s prime rate increases, then your monthly payment will increase, and if the lender’s prime rate decreases, then your monthly payment will decrease. This means that your monthly payments can fluctuate over the life of the mortgage. Adjustable rate mortgages are typically lower than fixed rate mortgages, but they can be riskier because your payments could increase in the future. Like variable rate mortgages, adjustable rate mortgages have lower penalties for breaking the mortgage earlier than the agreed upon term.

It’s important to note that the interest rate you are offered will depend on several factors, including your credit score, the size of your down payment, the type of property you’re purchasing, and the lender you choose. It’s always a good idea to shop around and compare mortgage offers from different lenders to find the best rate and terms for your individual situation.

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