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

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