Today we have a couple of short, one minute videos explaining some of the key concepts of mortgages, answered by home loan specialist, Ravi Pahuja, from Residential Mortgage Services.
How much can I afford for a mortgage?
In this mortgage market minute video, Ravi explains the steps you need to take to figure out how much you can afford for a mortgage.
Figuring out home much you can afford is a vital first step to start your home search. Explore more to learn your home budget quickly:
- Using the 45% Rule: Four Quick Steps to Determine How Much You Can Afford for a Mortgage
- Download our free mortgage affordability worksheet
The difference between an adjustable rate mortgage and a fixed rate mortgage
In this video, Ravi explains the key differences between an adjustable rate mortgage and a fixed rate mortgage. He mentions that a fixed rate mortgage’s interest rate never changes over the life of the loan, and that an adjustable rate mortgage’s interest rate may move up or down. Watch to learn more.
Typically adjustable rate mortgages (ARM’s) have a lower interest rate than fixed rate loans. To determine the best aged care loans for you, schedule an appointment and consult.
