Not sure whether you want to take the full risk of selecting a variable rate mortgage in Toronto with an imminent rise in the prime rate on the horrizon over the next 24 months? Why not consider an innovative product offered by Canadian mortgage lender Merix Financial. The 50/50 mortgage.
The Merix 50/50 Wise Mortgage is a mortgage that lets borrowers take advantage of a low fixed rate and low variable rate all in one mortgage. 50% of the mortgage is in a 5 year fixed rate and 50% of the mortgage is in a 5 year Variable rate. So based on today’s numbers the mortgage would look like this:
-5 year stardard fixed rate mortgage: 4.09%
-5 year standard Variable rate mortgage: 2.15%
Effective rate of the 50/50 mortgage is 3.12%. You get a 20% prepayment privilege per year. Whats more, as is the case with all of Merix Financial‘s variable rate mortgages you can lock the variable portion into a fixed rate mortgage at any time with no penalty or fee.
A very innovative and useful product for those who want the best of both worlds.
Fill out an application to get your 50/50 wise Merix Financial mortgage today or get in touch with me to discuss the benefits!
Christopher Molder – Son Of A Broker
Licensed by the Financial Services Commission of Ontario under Lic#M08010066
December 9, 2009
