If you're looking for a mortgage rate that is guaranteed for a set term (in years), then a Fixed Rate Mortgage may be the right product for you.
Eliminate concern over rising interest rates.
The Fixed Rate mortgage ensures your mortgage costs stay constant for the term you choose, making it ideal if your budget doesn’t have a lot of wiggle room, or you are on a fixed income. Most fixed rate mortgages are fully closed and allow you the flexibility to make additional payments once a year up to a specified percentage. The terms & conditions of your individually-tailored mortgage will outline these specifics (eg. Allowing an extra 25% prepayment annually.)
A Fixed rate mortgage is ideal for long term situations when you’re certain you will be staying in your home. Different terms dictate different rates – usually the lower the rate, the shorter the term.
The shorter the amortization, the higher the payment and the lower the amount of interest paid over the life of the mortgage. Longer amortizations give you a lower payment and better cash flow but have higher interest costs over the life of the mortgage.
Our Lending Specialists will be able to explain the best option for your individual situation.