With interest rates higher than they’ve been in many years, coupled with inflation at a 40-year high, many Islanders are trying to deal with mortgage payments that are much higher than they were expecting.
For people looking to buy now, or with a mortgage renewal coming up, there are a lot of options — fixed rates, variable rates, fixed rates with variable portions and vice versa.
“With so many different options available on a mortgage it becomes almost like options on a vehicle,” said Darryl Murphy, a financial advisor with Red Oak Financial in Charlottetown.
But just as the options on a car won’t improve its reliability, the options on a mortgage won’t change the central issue: it’s a loan that you have to pay back.
“It is always a balancing act between pay now versus pay later, and how much do I need in terms of cash flow now versus later,” said Murphy.
You better shop around
There…
