- Posted by HomeHow
- On December 5, 2018
- 0 Comments
Most lenders offer products which provide borrowers a fixed mortgage rate with a period of time. A fixed rate mortgage product guarantees a fixed mortgage payment so that home owners can budget ahead.
For example, a 5 year fixed mortgage at 3.3% mortgage rate means the mortgage payment amount for the next 5 years is calculated based on 3.3% interest rate.
Getting a fixed rate mortgage will protect you from bigger mortgage payments and higher interest costs in case of mortgage rates increase in the next few years.« Back to Glossary Index