With an adjustable-rate mortgage, both the interest rate and the mortgage payment can change over time. These changes are influenced by market conditions, which means your payments could increase or decrease. This type of mortgage offers flexibility, allowing you to potentially benefit from lower interest rates. However, it also comes with the risk of higher payments if interest rates rise significantly. It’s important to consider your financial situation and risk tolerance when choosing this type of mortgage. Understanding how market conditions can impact your payments will help you make an informed decision and manage your mortgage effectively.

*The information provided is for educational purposes only and should not be considered legal advice. For specific legal concerns or questions related to your mortgage, it is always best to consult with a qualified legal professional.*

Mortgage Education

  • Total Debt Service Ratio (TDS)

    The percentage of gross income allocated for payments of principal, interest, taxes, and heat (P.I.T.H.), along with other debt obligations, [...]

  • Title Insurance

    Title insurance protects property owners and lenders from financial loss due to defects in the title of real property. These [...]

  • Variable or Fixed Mortgage Rates

    Fixed vs. Variable Mortgage Rates: Which is Right for You? Choosing between a fixed or variable mortgage rate is a [...]

  • Breaking Your Mortgage Contract in Canada

    Breaking a mortgage contract in Canada is a significant decision that can have various financial implications. Whether you're considering this [...]

  • Mortgage Relief Options

    Facing financial difficulties can be overwhelming, especially when it comes to managing your mortgage payments. Fortunately, there are several [...]