Although many of us would like to buy a house with the upfront crash, realistically, it’s not happening for a lot of us. That’s where mortgages come in, providing you with the money to acquire and finance a home over time. Mortgages come in all sizes and shapes. From open vs. closed to fixed rate vs. variable rate, and terms ranging from a few months to years, even over a decade.
Frequently Asked Questions
The interest rate remains the same, translating to stability and predictability, making it easier to stay on top of your financials.
Lower interest rates, flexibility to switch to a fixed-rate mortgage, and friendlier penalties should you opt to break the mortgage contract.
There is no specific period when you should switch. However, if you like the current rates and are expecting a rise that makes you anxious, then switching to a fixed-rate mortgage is ideal, giving you the peace of mind you deserve.