If you’ve recently been asking yourself what’s going on with mortgage rates, you’re not alone. As we start moving towards economic recovery and investors’ optimism of vaccine availability to combat the coronavirus, fixed rates have started to edge upwards.
Each person is unique, and so is their story. We’re talking about their personalities, their backgrounds, their perspectives, and their talents. But if each person is different then why do so many settle for cookie-cutter solutions when it comes to choosing a mortgage? As we all know, a mortgage is a legal contract between you and the lender, it’s important to understand that a mortgage comes with a variety of clauses designed to benefit the lender. Those same terms and conditions can feel a lot like mortgage handcuffs if you’re not careful.
It’s impossible to plan on many of the unexpected things that life can throw at us; job loss, illness, divorce, or as we’ve seen recently with a global pandemic like Coronavirus (COVID-19). There are many reasons why you may need to break your mortgage early, and while it’s not something you plan for when you first sign your mortgage term, it is something that’s increasingly becoming more important to consider over the interest rate itself.
Did you ever hear some mortgage lingo and find yourself confused about the meaning? Mortgage Amortization. Mortgage Term. Say What?