Fixed Rate Mortgages

A Fixed Rate Mortgage is a mortgage that has an interest rate that is locked in for the term of the mortgage (1. 3, 5 years) at the prevailing interest rate. The interest rate and monthly payment will not change over the course of the mortgage term selected by the borrower in the ase of a Fixed Rate Mortgage.

Fixed Rate Mortgages provide borrowers with structure and stability, allowing for homeowners to be able to remain at ease --knowing what their monthly mortgage payment will be for the term of their mortgage. These types of mortgages provide stability, and are available at attractive terms through the team of qualified Alberta Mortgage Professionals. At the same time, since Fixed Rate Mortgages provide an added benefit to borrowers, mortgage lenders generally offer Fixed Rate Mortgages at a slightly higher cost than Variable Rate Mortgages. In essence, mortgage lenders charge a very small premium for providing their borrowers with the added security of fixed mortgage interest rates and payments.

Fixed Rate Mortgages are perfect for; individuals who operate on fixed montly incomes; people who are risk averse; and people who like stability; in markets where mortgage interest rates are going up.

For more information about fixed rate mortgages, contact one of the qualified mortgage professionals at Alberta Mortgage or Apply Online.