A Fixed Rate Mortgage is a mortgage of any fixed term such as (1 year, 3 years, 5 years, and 10 years) in which interest rate is fixed and is not changed during the mortgage term. If you have taken variable rate mortgage, most of the lenders will allow you lock-in your variable rate mortgage into a fixed rate mortgage.Advantages
- Your interest rate and mortgage payment will be same throughout the mortgage term.
- It gives borrowers security and comfort of knowing that their payment won’t change with any changes in the market or the economy.
- It brings stability and consistency as loan payment will remain same throughout the term.
- Fixed-rate mortgages are very easy to understand, and comprehend as they vary very little from lender to lender.
- A fixed rate mortgage also means you don’t have to pay less when interest rate declines. If the interest rates are trending downwards, you will keep on paying higher rate than those who have opted for variable rate mortgage.
- Fixed rates are better option for those who are borrowing for long term. However, if one wants to leave home after a few years, one will actually have to pay more than they need to pay for early payment in case of variable rate mortgage.
- These rates lacks individual customisations usually offered to variable rate mortgage holders as fixed rate mortgages are usually identical from lender to lender.
With our easy to use platform for comparing fixed rate mortgages inRichmond, you will be able to search, compare and choose the fixed mortgage rates with best terms and lowest interest rates inRichmond. You will not repent for bearing a loss due to choosing a wrong mortgage with higher interest rates and complex terms and conditions. We do all the legwork to make mortgage payment easy, fast and simple for you.
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