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

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