What are 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘳𝘢𝘵𝘦𝘴? If you have a credit card, you should understand that they have a specified interest rate attached to them, typically 𝘤𝘭𝘰𝘴𝘦 𝘵𝘰 𝟸𝟶% This is the amount that you will have to pay on top of the money you owe if you aren't able to make your payments on time In terms of real estate, interest rates play a role in both your ability to qualify for a mortgage and what your monthly payments will be When rates go 𝘋𝘖𝘞𝘕, you can typically qualify for 𝘔𝘖𝘙𝘌 Getting a new mortgage will require lower monthly payments and if you already have a variable mortgage, your monthly payments will also go down 𝐘𝐨𝐮𝐫 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐜𝐨𝐧𝐬𝐢𝐬𝐭𝐬 𝐨𝐟 𝐭𝐰𝐨 𝐩𝐚𝐫𝐭𝐬: (𝟷) 𝘗𝘳𝘪𝘯𝘤𝘪𝘱𝘢𝘭 (𝟸) 𝘐𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐚𝐥: goes towards paying down your mortgage 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭: the cost of borrowing the money ____ 𝐀𝐥𝐞𝐱 𝐃𝐮𝐧𝐛𝐚𝐫 Real Estate Professional RE/MAX Treeland Realty ► 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦: https://www.instagram.com/dunbargroup ► 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤: https://www.facebook.com/dunbarrealestategroup/ ► 𝗪𝐞𝐛𝐬𝐢𝐭𝐞: https://dunbarrealestategroup.ca/ ► 𝐄𝐦𝐚𝐢𝐥: alex@dunbargroup.ca ► 𝐏𝐡𝐨𝐧𝐞: (604) 314-5418 _____ 𝐆𝐮𝐫𝐭𝐞𝐣 𝐕𝐚𝐫𝐧 Financial Planner ► 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦: https://www.instagram.com/mr.moneybc ► 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤: https://www.facebook.com/mr.moneybc/ ► 𝗪𝐞𝐛𝐬𝐢𝐭𝐞: https://www.gurtejvarn.com ► 𝐄𝐦𝐚𝐢𝐥: info@gurtejvarn.com ► 𝐏𝐡𝐨𝐧𝐞: (604) 339-5049