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Fixed Rate Mortgage vs. Variable Rate Mortgage

Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term.
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Many individuals in the city are considering all their investment options. But what would be the best for you if you had to decide? Questions you should consider when deciding what investment best suits your needs are the following:
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Mortgage Pre-Approval

A mortgage pre-approval allows for the home buyer to know their borrowing power. It is a great option for those looking to buy a home to get an idea of what price range they can afford. Applying for a pre-approval is very easy and absolutely free. The great thing about pre-approvals is you are not obligated to the lender or mortgage broker from whom you received the pre-approval from.
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Many individuals in the city are considering all their investment options. But what would be the best for you if you had to decide? Questions you should consider when deciding what investment best suits your needs are the following:
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What is a conventional and high ratio mortgage?

A conventional mortgage is where the buyer provides a down payment of 20% of the purchase price. In other words the mortgage may not exceed 80% of loan to value. Mortgages that exceed this limit are called High ratio mortgages.
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Open Mortgage vs. Closed Mortgage

Open Mortgage allows the borrower to pay down their mortgage faster without facing any penalties. If you choose to go with this product you are able to pay down any amount at any time on your principal amount without having to pay extra charges.
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Meaning of Basic Mortgage Terminology:
When obtaining a mortgage sometimes it is difficult to understand exactly what you are reading because of some terminology that is used to outline your mortgage conditions; I have put together a list of some basic mortgage terms and their meaning; that are used by your lenders.
Mortgage Amount: Is the total Loan you will receive from your lender.
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There are two different types of mortgages for self-employed borrowers. One is based on qualifier income (proof of income on paper) and the other is non-qualifier income (no proof of income on paper). There are big differences in lender policy based on each type of borrowers.
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What is Private Mortgage Financing?
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