What is a Fixed Rate Mortgage?
A fixed rate mortgage is perfectly predictable because you never have to worry about your interest rate or your mortgage payments going up. That means they are easy to budget for over the long term (usually 15 or 30 years) and are typically a great choice if you:
- Are a first-time homebuyer
- Need a predictable payment
- Are buying your home during a period of low interest rates
- Intend to keep your home for more than five years