Real Estate Community Forum

I am very confused and need someone to explain the different types of mortgages available. I've heard that fixed rate mortgages are the most secure and the best one. Is this correct?

Also, what is your opinion on the length of time of the mortgage. Is a 15 year fixed rate mortgage better than a 20 or 30 year mortgage term? Is there a financial tax advantage on a 20 year term verses a 30 year term mortgage?

There are a lot of programs out there to choose from. You need to select the one that fits your scenario and that will be the best one for you it may not be a fixed rate mortgage. If you make a lot and need a write off a adjustable may be good or a deferred interest program may be better.(CHECK WITH ACCOUNTANT) Yes a fixed is secure but make sure it is fixed for the term of the loan. The shorter the term the lower the rate.
Yes there are tax advantages and a 30yr will give you that advantage for a longer period verses a 20yr. I SUGGEST THAT YOU CHECK WITH YOUR ACCOUNTANT. Your tax bracket will have a lot to do with that.

While a mortgage is fundamentally a loan that is secured against your home, there are many variations to the type of mortgage that can be used for various needs. Based on your goals and risk characteristics there may be a number of different mortgage products that will meet your needs. Some of them are:

# Pre-Approved Mortgage
# Conventional Mortgage
# High-Ratio Mortgage - CMHC / GE Capital Insured
# First Mortgages
# Open Mortgages
# Closed Mortgages
# Fixed-Term Mortgages

Check out this link, it may be helpful to you.

http://calumross.com/mortgages-canada/m ... mortgages/