What is a Trigger Rate?
Today's special guest Denise Pisani and I discuss the Mortgage Trigger Rate situation with variable rate mortgages.
Topics include:
- fixed rate mortgage vs. variable rate mortgage
- 2 types of variable rate mortgages
- adjustable rate mortgages (ARM)
- variable rate mortgages with a fixed payment (VRM)
- what to do when you get a trigger rate letter from the bank
- trigger rate options: lump sum payments, extended amortization, increased monthly payments
- what to expect in 2023
