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Fixed rates offer stability, but it is important to understand the IRD penalty and the “cost” of breaking a fixed mortgage before the end of your 5 year mortgage term.
Want to learn more? Let our team help you calculate what your potential penalties might be. We’ve worked with thousands of clients and helped them navigate which mortgage term option is the best option for them. Every client is unique, so leave the guesswork up to our team of professionals!
A fixed interest rate will stay the same over the life of your mortgage. You can have peace of mind knowing your mortgage interest rate will not change over time.
Most people choose a fixed rate when their cash flow is consistent or limited. Given the stability over time of a fixed rate mortgage, it is a safe bet to ensure no stress when you review your monthly budget.
As the borrower, you are protected from the sudden and potentially significant increase in monthly mortgage payments if the interest rate rise.
According to Statistics Canada, over 74% of Canadians choose a fixed rate mortgage, but the choice is yours, here are 3 reasons you may consider a fixed interest rate.
When you work with SafeBridge we don’t pressure you into mortgage decisions but rather our approach is to educate you on your options. We strive to ensure you have the right facts in front of you to help make the best decision possible. Remember, a purchasing a new home or refinancing can be a daunting task, let us handle to details and provide you with options that will help you make wise decisions.
Are you Interested in getting a quote on a Fixed rate mortgage today? Click here to find out what your fixed rate might be and one of our SafeBridge Agents would be more than happy to help you.Apply Now
The IRD penalty is the penalty you must pay the lender if you break your fixed rate mortgage. IRD stands for Interest Rate Differential which captures the difference in the interest payable on your existing mortgage versus that payable on a replacement mortgage.
Statistically over 70% of people end up breaking their mortgage over the life of their 5 year term. Life happens and that’s why it is important to really consider what the next 5 years could potentially look like for you before you lock into a fixed rate mortgage. At SafeBridge, we try to walk each client through the “5 year plan” scenario to ensure that they are making the right interest rate division that fits their lifestyle and budget.
No, once you sign up for a fixed rate mortgage you must keep the fixed rate. The only way to change your mortgage terms is to break your mortgage which would cause the IRD penalty to come into play.
Chris is a Co-Founder and Financial Advisor at SafeBridge Financial Group, the originators of Mortgage Centered Financial Planning, and is passionate about serving his clients and empowering the incredible team to “Be Better. Be Inspiring.” Prior to co-founding SafeBridge, Chris started his career as a Financial Advisor with Sun Life Financial, formerly Clarica Financial Services, and had the privilege of serving many clients financial needs for over a decade.
Over the last 20 years we’ve been successful in attracting over 60 various lenders that our clients can benefit from. SafeBridge has evolved over the years and has become a very successful company…. The education, that comes along with not just the mortgage agent side of things, but also on the insurance and the investments and the financial planning all comes together in one holistic approach.
Dena is a seasoned Mortgage Broker with 24 years experience in the financial industry. She started her career at Canada Trust as a part-time Teller while attending York University. During her 15 years with TD Canada Trust, Dena held various positions of increasing seniority. As a Senior Financial Advisor she gained knowledge in many disciplines in the banking and investment arena.
For several years Andre has worked in the Financial Planning and Mortgage Solutions field with Scotiabank. After experiencing success, and gaining a wide knowledge base in the banking world, he decided to leave the bank to join a Boutique Mortgage Brokerage, Safebridge Financial Group. Andre made the change so that he could offer clients a wider variety of mortgage options and lenders.
At SafeBridge we believe in experiencing growth together. We want to ensure that each of our agents is successful and feels a part of the SafeBridge team. We offer customized training, lender previews, team events and even team trips to build the strong culture of inclusion and support that so many of our agents enjoy.
We believe it is essential to hire and Partner with the right people. We are looking for the best and brightest in the Industry to join our Exclusive Group of Professionals. Our team consists of loyal top producing Agents that have demonstrated exceptional care for their clients and passion for the industry in which they serve. Our Mortgage Centered Financial Planning approach helps our team foster long lasting relationships, which brings a unique process to the mortgage business.
With over 20+ years in the Mortgage Industry, SafeBridge has built a solid reputation in the industry and is well respected by all major lending partners. SafeBridge has partnerships with over 10 insurance providers in Canada and has access to hundreds of mortgage products.