Discover the Benefits of Fixed Rate Mortgages

1. You plan to live in the home for at least 5 years or more.
2. You like the stability of a fixed interest rate and knowing it will never increase.
3. You like the stability of knowing your monthly payment will never increase.
4. You think your income and spending will stay the same.
5. Allows you to more easily budget monthly expenses.

Why Should I Choose a Fixed Rate Mortgage?

Experts generally agree that if you plan to live in your home for more than 5 years, a fixed rate loan is a good idea. That’s because if market interest rates go up, your monthly payment won’t increase but will remain the same. It also means that your fixed rate mortgage payment can actually be lower than the payment on an adjustable rate loan which will generally increase during rising interest rate environments.

What if interest rates are lower in a few years?

Depending on your loan terms, you may be able to refinance your fixed rate loan to a lower rate during times when interest rates drop. However, your ability to refinance typicaly depends on:

• The amount of equity you have in your home.
• The property’s market value.
• Your financial condition at the time.

Want to learn more about fixed rate mortgages? We are here to help. Just pick up the phone and call us at 1-888-284-7596. Our home loan experts are a free and instant source of information regarding the complexities of home loans. And don’t worry, there’s absolutely no committment needed. Call now!