
ARM (Adjustable Rate Mortgage:
·Payments automatically change and go up/down with the Prime Rate to ensure you maintain the original amortization schedule of the mortgage
·Lender sends out a monthly reminder when payments change
·8 Bank of Canada rate announcements per year
VRM (Variable Rate Mortgage):
·Payments remain fixed for the duration of the term
·Prime down = more of the payment is applied to the principal
·Prime up = more to interest portion
·Amortization period may vary and be longer if rates have risen or be shorter if rates have fallen since the start of the term
·*Every lender hasa different VRM structure
At Lang Financial, we service customers across Canada. Primarily, we offer mortgages in the Winnipeg, Manitoba area.
I work with Castle Mortgage, Castle Insurance and TMG The Mortgage Group – an award-winning Canadian mortgage brokerage with a national team of over 800 qualified and accredited mortgage brokers, agents and associates providing residential and commercial mortgage services. Since 1990, TMG has helped over a quarter million Canadians get the best financing solutions and mortgage rates through Canadian mortgage lenders from coast to coast.

