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What is a Fixed Rate Mortgage?

8-Year Fixed Rate Mortgage

A Fixed Rate Mortgage is a mortgage of any given term (example, 4 years, 6 years, 8 years) where the interest rate is fixed and not subject to change over the course of your term. A fixed rate mortgage “locks” you in a permanent rate for the rest of your term.

What are the Benefits to a Fixed Rate Mortgage?

There will be no change in your interest rate and your mortgage payments until it’s time to renew your mortgage. When you have a fixed closed mortgage the rate and conditions will not change for the duration of your mortgage term. The borrower will have security and comfort knowing that the borrower is protected from market fluctuations. By knowing your monthly mortgage payment, you can also confidently plan the budgets you may have in mind.

8-Year Fixed Mortgage

8 years is an unusual length for a mortgage term. But, if you’re looking for one rate that will stay the same for a long time, opt for 8-year fixed rate. GN provides the most up to date, current rates. We help you compare the rates of banks, brokers and lenders.

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