Reasons to opt for Fixed Rate Mortgage.
Fixed rate mortgage provides fixed rates of interest. The borrower gets the benefit of fixed mortgage that the interest rate remains fixed through the loan term. The fixed rate mortgage provides consistency and it is not dependant on fluctuating market rate provided by Bank of Canada. The fixed rate Canada mortgage is always recommended by mortgage experts who have high-qualified professionalism in the real estate market. In Canadian fixed rate mortgage, the borrowers can predict the monthly mortgage payments, which are to be paid to the lenders every month.
Types of fixed Rate Mortgage:
30 years Fixed Mortgage Loan:-In this type of fixed mortgage loan,interest rate is fixed for 30 years irrespective of fluctuating interest rate in the market.
15 years fixed mortgage loan:-In this fixed mortgage loan,interest rate is fixed for 15 years irrespective of fluctuating interest rate in the market.
It depends on borrower which type of fixed interest rate, he opts according to his financial capability in order to repay the loan amount.