Whalen Mortgages Grande Prairie - Grande Prairie Trusted Mortgage Broker

Whalen Mortgages Grande Prairie Loan Options
Are you weighing the choice between an open or closed mortgage, or trying to decide between a fixed-rate or variable-rate mortgage? Avoid making an expensive mistake—consult with a Grande Prairie mortgage broker at Whalen Mortgages Grande Prairie to explore each mortgage type and find the best option for you.
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Open vs. Closed Mortgages
An open mortgage allows you to make additional principal payments or pay off the entire loan without incurring a penalty, offering maximum flexibility. However, this flexibility often comes with a higher interest rate. An open mortgage is ideal if you anticipate paying off the loan early, such as if you plan to sell your home soon. For longer-term mortgages, a variable-rate option might offer lower rates and only a three-month interest penalty for early repayment. Contact Whalen Mortgages Grande Prairie to calculate which option suits you best.
In contrast, a closed mortgage imposes limits on how much extra principal you can pay without penalty. Most closed mortgages permit additional principal payments up to 10% to 20% of the original amount, often with restrictions on when these payments can be made. A mortgage expert at Whalen Mortgages Grande Prairie can explain the policies of different lenders and help you select the most appropriate product for your needs.
Fixed vs. Variable Rate
A fixed-rate mortgage maintains the same interest rate throughout the term of the loan. For example, if you secure a five-year fixed-rate mortgage at 3%, you'll continue to pay 3% for five years, regardless of market fluctuations. This provides stability, but if interest rates drop, you could end up paying more than necessary. If you break a fixed-rate mortgage, whether through refinancing or selling the property, you may face a prepayment penalty based on the original interest rate and remaining term.
Variable-rate mortgages, on the other hand, fluctuate with

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