Fixed Rate Mortgages FAQ's

FAQs - Fixed Rate Mortgages

What is a fixed rate mortgage?
A fixed rate mortgage is a mortgage where interest rates do not change for the term of the mortgage. As a result, you repay the same amount every month regardless of fluctuations in the market.

What are the advantages of a fixed rate mortgage?
With a fixed rate mortgage, you get the peace of mind of knowing that your monthly instalments will not change, even if the interest rate goes up. If you are on a tight budget or fixed income, a fixed rate mortgage may be right for you.

How much are interest rates likely to change in the future?
A mortgage is a long-term loan and it is impossible to look that far into the future. Whether you choose a fixed rate mortgage depends on your attitude to risk and how much you value peace of mind.

Can I refinance the mortgage if interest rates look like staying low?
Yes, and you can also switch to a variable rate mortgage if your financial situation changes. The terms of refinancing and related fees can vary greatly from lender to lender, so check the small print.

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