Leo Maiorino, BA
I am very fortunate to be able to bring over 25 years of financial services experience to my role as a Mortgage Agent with Mortgage Brokers Ottawa. During my 20 year career with RBC Financial Group, I held a number of positions including Branch Manager, Regional Sales Manager for a mortgage salesforce and finally as Vice President and Director for RBC Investments. I had National leadership responsibility for a Trust and Investment Advisory team and the Insurance Division of RBC DS Financial Services Inc. Giving back to the community is a very important part of my li ...
CTV Morning Live: Mortgage Minute - May 17
Date Posted: May 18, 2016
Frank begins speaking about mortgage terms and what the word "term" means.
Mortgage Term - Is the number of years or months over which you pay a specific interest rate. Term usually ranges from 6 months to 10 years.
This should not be confused with the amoritization period this is the time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, depending on the lender.
Frank then discusses the difference between fixed rate vs variable rate mortgages.
Fixed Rate Mortgages - Is when a mortgage for which the rate of interest is fixed for a specific period of time (the term).
Variable Rate Mortgages - Is when a mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage.
If you are not sure which mortgage is right for you contact one of our qualified mortgage brokers to discuss all of your options.