Parade of Homes Spring 2019 33
Call 1-877-WESTOBA today
and let us guide you through the mortgage process.
HOME BUYERS CHOOSE
PREDICTABILITY AND
STABILITY
OVER BEST RATE
For many of us, the purchase of a home will be the
single most significant investment we make in our lives
and along with the many decisions that come with buy-
ing a home, one of the first will be deciding whether to
choose a fixed or variable rate mortgage.
In a recent online Facebook poll that Westoba con-
ducted, 82 per cent of respondents told us they pre-
fer fixed-rate mortgages over variable rate mortgages.
These results are in line with industry averages.
As the name suggests, with a fixed rate, your mortgage
rate and payments remain the same over the term of
your mortgage agreement. With a variable rate mort-
gage, your rate and payments will change based on the
prime lending rate set by your bank or credit union.
"The first question I ask members is whether they're
comfortable with the rate going up," says Financial
Consultant Tristan Vera, located at Westoba's Portage
Avenue location in Westwood. "Depending on your
stage in life, a change in your monthly payments can
add unnecessary stress. For example, a young couple
without children may opt for a variable rate and regret it
later when they have children and incur new expenses."
WESTOBA CREDIT UNION
*Rates subject to change. Some conditions may apply.
Thinking of buying a new home?
3.25%
*
Mortgage rates
as low as
westoba.com | 1-877-WESTOBA
MORTGAGE DESCRIPTION PROS CONS
If rates drop,
you may pay
more for the
security of fixed
payments.
Must be able to
tolerate financial
uncertainty
should rates
increase during
the term.
FIXED
VARIABLE
Interest rate
and payments
are fixed.
Fluctuates
with changes
in prime
interest rate.
Easy to
budget for
and reduces
uncertainty.
Can be less
expensive if
rates remain
low/stable.
