The Mortgage Artist
FAQ
Welcome to our FAQ section, where we address common inquiries about the mortgage process and our services. Whether you’re a first-time homebuyer or looking to refinance, our goal is to provide you with clear and helpful information to guide you every step of the way.
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Frequently Asked Questions
What is a Fixed Rate Mortgage?
A Fixed Rate Mortgage means your interest rate—and therefore your monthly payment—stays the same throughout the life of the loan. This provides stability and makes budgeting easier since you know exactly what your payment will be each month. While your total payment remains consistent, the portion that goes toward interest decreases over time as the interest is compounded, and more of your payment goes toward reducing the principal.
For a detailed breakdown of how this works, including how payments are split between interest and principal, feel free to book a call.
What is a Variable Rate Mortgage?
- Variable Rate – Fixed Payment: Your total payment remains constant, but the portion applied to interest and principal changes as market rates fluctuate. When rates go down, more of your payment goes toward reducing the principal. Conversely, when rates rise, a larger portion of your payment goes toward interest.
- Variable Rate – Variable Payment: Here, the amount you pay toward your principal remains fixed, but your total payment varies with changes in market interest rates. This means your mortgage bill will increase or decrease with rate changes, but the principal repayment stays consistent.
To explore which type might be right for you, book a call with me for a personalized discussion.
What are some options to pay off my mortgage faster?
There are several strategies to consider:
- Fully Open Mortgage: This type allows you to pay off your mortgage in full or in part at any time without incurring a penalty.
- Partially Open Mortgage: You can make extra payments or repay the mortgage in full, but there will be a penalty fee for doing so.
- Accelerated Payments: Instead of making monthly or semi-monthly payments, you can choose to make payments every two weeks. This slight adjustment results in more payments each year, which can significantly reduce the total interest paid and help you pay off your mortgage faster.
For more information on which option best suits your needs, book a call with me to discuss your goals.
More Questions?
Book a call to discuss possibilities to get the mortgage that’s right for you.
Our Approach
Why choose me?
Navigating the mortgage landscape can be daunting, but I'm here to simplify the journey for you. From first-time homebuyers to seasoned investors, I specialize in finding tailored solutions that fit your unique needs and goals.
Crafting your Financial Blueprint
Client-Centric Approach
Beyond Mortgages
Our Approach
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Ryanna Ziv-Friars
Mortgage Agent, Level 1
BRX Mortgage Inc.
LIC # 13463
