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Fixed Rate Mortgage

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“Lock-In” Your Rate With Fixed Rate Mortgage

fixed-rate-mortgage

A fixed rate mortgage is a traditional loan, in which the interest rate is guaranteed over the term of the loan. Compared to a variable rate mortgage, in which the interest rates may fluctuate, a fixed mortgage rate allows you to “lock in” the current interest rate, keeping your mortgage repayments consistent for the entire duration of your mortgage term.

With a fixed rate mortgage you can rest easy knowing that your payments will not change during the loan period even when market conditions become unfavorable or MERIX prime rate increases. This type of mortgage is a great choice if you are a bit hesitant to take risks when it comes to investments, or if you think that mortgage rates will increase in the future.

About 70% of borrowers in Canada go for a fixed mortgage over variable rates. With fixed rate mortgage, the terms available are between one and ten years. The primary advantage of a fixed mortgage is that it lets you predict the static mortgage payment, regardless of the state of the economy.

What you can expect with a fixed rate mortgage:

  • You might pay a little higher interest rate, compared to a variable rate mortgage
  • If the Prime Rate increases then you save, if it falls you “lose” those savings
  • You are allowed to make more precise budgeting
  • Your payments will remain consistent, every month, for your whole term
  • You need not be concerned about increases in interest rate
Please speak with one of our experts to help you determine if a fixed rate mortgage is ideal for you.

Fixed Closed Mortgage Rates

Want the peace-of-mind knowing that your mortgage rates won’t increase? Want the predictability of having payments that stay consistent every month? If your answers are a ‘yes’, then you are looking for a fixed closed mortgage!

Fixed closed mortgages bring you the security of knowing your rates won’t change for the duration of the term you choose. They are plain and simple to understand, and in today’s market they offer significantly low interest rates.

Fixed Open Mortgage Rates

With fixed open mortgages you get both the flexibility and the security! Fixed open mortgages give you the ability to lock in a rate for a duration of time while still allowing you pay off as much of your mortgage as you want, whenever you want.

Fixed open mortgages are a popular option among borrowers who may need to sell their home, or who want the ability to make a lump sum payment during the term. Short term (6 months to a year) fixed open mortgages are also popular among those who want to stay flexible while they wait and watch where interest rates are headed.

If you have any questions on these products, please feel free to get in touch with GN Mortgages.ca
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