Adjustable rate mortgages, or ARMs, are one of the most popular and most widespread residential mortgage products offered by Canadian lenders. Also known as variable rate mortgages, ARMs have flexible interest rates, meaning that the interest rate on the mortgage will vary based on an underlying index. The index that determines the interest rate that will be charged on an adjustable rate mortgage will be either an independently set rate or the bank or trust company’s prime lending rate, which is in turn set by reference to an independent index.
Adjustable rate mortgages come with different features and terms offered by different lenders. Comparing one ARM with another is consequently a much more difficult task than comparing one fixed rate mortgage to another. With over 250-plus hand-selected and carefully screened lenders – including banks, trust companies, insurance companies and private lenders – in our lender network, the mortgage specialists at CMI work hard to ensure that the adjustable rate mortgage you choose is the mortgage product that is best suited to your circumstances and risk profile.
Adjustable rate mortgages come in many different forms, each with its own features and options. The choice of the ARM you ultimately select can make a great difference in the quality and cost or the mortgage you end up with. Therefore, when it comes to finding the adjustable rate mortgage that is right for you, half of CMI’s job is educating you on the features of the differing ARMs our dealers offer so that you can make an informed decision as to the ARM that best suits your financing or refinancing needs.
Here are some key features of adjustable rate mortgages that can ultimately make an important impact on the ARM you choose from Canadian Mortgage Inc.’s network of lenders – and, ultimately, your cost of borrowing and how fast you are able to pay off your house:
Like any other mortgage product, understanding the meaning and significance of your mortgage terms is a key to ensuring that you get the mortgage that is right for you. The mortgage experts at CMI pride themselves on customer service and finding the right mortgage for their clients’ needs – and educating their clients and comparing the mortgage products that are available to best satisfy those key to ensuring our goal of secure and satisfied clients.
Call now and within 24 hours the mortgage and financing specialists from CMI will be helping you secure the adjustable rate mortgage and preparing multiple financing or refinancing options that will make your home ownership dream a rewarding reality. Apply online today for an adjustable rate mortgage, or call CMI toll-free at 1 (888) 465-1432.