Variable vs Fixed Interest Rates - Ottawa Real Estate RE/MAX Affiliates - Jacob Charron
Variable or fixed rate, which one is best in today’s market.
Well it depends on your situation.
After speaking with a mortgage broker this morning, we can up with 2 scenarios.
1. Being an investor or buyer with cash on hand.
2. Being a first time home buyer.
If you’re an investor, right now there’s a big opportunity to purchase a property at a discounted rate, due to inflation and interest rates.
If you’re a first time home buyer, you have time to look at multiple homes, avoid being in multiple offer situations and add conditions to your offer.
You may be paying slightly higher variable mortgage today, but when inflation comes back down, and people are back into multiple offers, with little to no conditions, you can be sitting in your home that you’ve purchased at a discounted rate and lock into a lower fixed rate.
My name’s Jacob Charron with the Hamre Team at RE/MAX Affiliates. If you would like to talk about the real estate market or get set up with some of the best mortgage brokers in the city, send me a message and we'll get you started on the right path