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g | Thursday, November 24, 2022 | OPINION WHAT TYPE OF MORTGAGE IS RIGHT FOR ME? THE TYPE OF MORTGAGE YOU = CHOOSE DEPENDS ON WHERE FYOU ARE IN LIFE, WRITES of moving money off their books and producing prof- its for their investors to mgate the risks of bad deb’ The variable rates are for-what-you-owe" prod- uct, which I personally prefer because the interest is calculated on the out- standing balance each month in a very simplistic Joan, you may wish to opt ariable rate to fast hak your payments, pro- vide more flexibility and overall pay less in interest. a different. They are based manner. Christine Ibbotson is a 5 CHRISTINE IBBOTSON on the Bank of Canada's Please believe me when national radio host, You- § CHRISTINE IBBOTSON prime rate, which does not I tell you that mortgages Tuber and author of three Dear Money Lady Read- to then offer toconsumers Column change as rapidly as the are the biggest money- finance books, including ers, in the form of loans ant ne fixed rates. If you choosea making machines for all the Canadian bestseller ‘Are you worried about mortgages Canadian banks fluctu- variable-rateloanormort- lenders, regardless of the “How to Retire Debt Free & rising lending rates? Let's Althoug! there are a lot of ‘hough ate the fixed rates offered gage, you now float with rates. I have been a lender Wealthy." Visit askthemo- discuss the differences be- at the retail level basedon prime, eitherasapercent- forover 30 yearsandIcan neylady.ca, send a question tween choosing a fixed-or most haveitinvestedin the pelt own cost of borrow- ageaboveorbelowtheCa- honestly say that both to info@askthemoneyia- variable-rate mortgage. stock market, not in bank which is a combina- i i ‘ate. variable- and fixed-rate ly.ca or check 01 Many young Canadians accounts and the banks tion of their markup and The benefits to a vari- mortgages have their pros YouTube Chanel: nok newing mortgages today need access to cash. the costs needed to cover able-rate mortgage is that and cons. THE MONEY LADY — havent s seen rates above With less Canadian the spreads oftheloanson you can choose to lock in For a first-time buyer Your Canadian Finance five per cent and the dilem- ma of choosing a variable or a fixed span is some- times confus: Let's be clear: variable cash available, financial institutions borrow funds internationally from larg- er lenders. This has been a common practice for de- borrowed ihe fixed 1 rates fiuctuates 30 often. Even though you think your rate at any time andif you needed to break it, the penalty is simplistic, usu- ally only the cost of three months interest. just starting out with un- known expenses, having the guarantee of a fixed- rate mortgage payment is the best way to budget Coach. rates and fixedratesdonot cadesandisamajorfactor your loan is still at your fi- Fixed-rate penalties are their new financial ex- SIGN UP FOR run together. in determining the lending nancial institution, in the much higher with a much _penses. OUR WEEKLY The fixed rates are ratethat it is not. The more complicated calcula- If you are a seasoned NEWSLETTER AT based on what the banks have topayonanewfixed- Canadian banks have a_ tion. Variablerates,onthe mortgage consumer o1 must pay to borrow funds rate loan or mortgage. very sophisticated system otherhand,areatrue"pay- someone who has a larger INSIDEHALTON.COM SUNNY Oakville and Milton. Our Services- Sunny Health Care provides support care 24 hrs and seven days a week in Burlington, ng care to adults Sunny Health Care will help to provide daily support, emotional support, meals and personal care. Just as you would be provided by your family at home. Cut out paying more Your only destination for more coupons, more flyers, more savings. #SavingWithSave $1.00 Off any Green & 1. Individual support services 2. Companionship 3. Light Housekeeping 3 ' Scan to get coupons sunnyhealthcareinc@yahoo.com (COI) ech tsk i-{0) -- 4. Appointments support &, Personalicare Black’s Chocolate Save.ca/coupons insidehalton.com