Mortgage Types - Fixed Rate Mortgages

Kelleway Mortgage Architects

Get the security of a fixed interest rate for the life of your mortgage
A Fixed Interest Rate Mortgage offers a fixed interest rate for 1, 2, 3, 4, 5, 7, 10, 15, or 18-year terms.

Fixed Rate Mortgages give you the security of knowing that your interest rate won't change during the term you select. You can even increase your payments without affecting the interest rate you pay. That's just one of the ways you can be mortgage-free faster.

Although the proportion of principal and interest paid each month varies from payment to payment, the total payment remains the same, which makes budgeting easy for homeowners.

The main advantage of a fixed-rate mortgage is that the borrower is protected from sudden and potentially significant increases in monthly mortgage payments if interest rates rise. Fixed-rate mortgages are easy to understand and vary little from lender to lender.

Now is an excellent time to consider a fixed rate mortgage. Today's market practically guarantees a low mortgage rate, and a fixed rate mortgage can insure you benefit from these low rates for the full term of your mortgage. Although your initial payments may be higher than with a variable rate mortgage, you will receive the security of a fixed monthly payment for the life of the loan, regardless of rising interest rates.

A fixed rate mortgage is perfect for anyone who likes to budget monthly expenses and plans to keep their home for several years. To find out more about fixed rate mortgages, fill out this Contact form or call Kelleway Mortgage Architects at (604) 476-0053 or 1 866 476 0053.

After knowing your goals, I will work with you to discover if a fixed rate mortgage is right for you.