Obtaining a fixed interest rate is sometimes viewed as a necessity and seems more “secure”. However, it should be noted that with a variable interest rate the monthly repayments can also be fixed. The duration of the mortgage is then first affected by the increase or decrease of the rate (to +/- 5 years).
Fixing Monthly Mortgage Payments
This is an excellent opportunity for borrowers to budget their exact repayments whilst benefitting from the advantages of a variable rate such as no early redemption fees, low interest rates, the possibility to add a cap on the rate, etc…
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