2908 Hwy 7 Vaughan, ON L4K 0K5, Canada
Fixed-Rate Mortgages
for long-term buyers
Secure Your Future with a Fixed-Rate Mortgage
Learn about Fixed-Rate Mortgages
Is a Fixed-Rate Mortgage Right for You?
A fixed-rate mortgage can be the ideal choice for homeowners who prefer consistency and long-term stability. With a fixed interest rate, you’ll enjoy predictable monthly payments throughout the life of your loan. This makes it easier to plan your finances and avoid any surprises caused by changing rates.
How Fixed-Rate Mortgages Work.
1.
Choose Your Loan Term
Fixed-rate mortgages are available in various terms, longer terms mean lower monthly payments, but shorter terms can save you money on interest.
2.
Lock in Your Interest Rate
Once you choose your loan term, you’ll lock in a consistent interest rate for the entire duration of the loan term, which means no surprises or rate changes.
3.
Make Steady Monthly Payments
Throughout the life of the loan, your interest rate stays the same, and you make steady, predictable payments toward your mortgage.
Our Fixed-Rate Mortgage Options
We offer various fixed-rate mortgage options designed to meet your financial goals. Whether you’re buying a new home or refinancing, we’ll help you find the right fit.
FAQs
What is a fixed-rate mortgage?
A fixed-rate mortgage is a loan with an interest rate that remains the same throughout the life of the loan, providing predictable monthly payments.
How does a fixed-rate mortgage differ from a variable-rate mortgage?
A fixed-rate mortgage has a stable interest rate, while a variable-rate mortgage can change based on market conditions, leading to fluctuating monthly payments.
What are the benefits of a fixed-rate mortgage?
A fixed-rate mortgage offers stability and predictability. Your interest rate stays the same, so you don’t have to worry about rising payments due to changing market conditions.
How long are fixed-rate mortgage terms?
Fixed-rate mortgages typically come in terms of 15, 20, or 30 years, with longer terms having lower monthly payments but higher total interest costs.
Can I refinance my fixed-rate mortgage?
Yes, you can refinance your fixed-rate mortgage if interest rates drop or if you want to adjust your loan term. Refinancing can help you lower your monthly payments or pay off your loan faster.
What happens if I pay off my fixed-rate mortgage early?
If you pay off your fixed-rate mortgage early, you may be able to save on interest, but check for any prepayment penalties, which are sometimes charged by lenders.
How do I qualify for a fixed-rate mortgage?
Qualification depends on your credit score, income, debt-to-income ratio, and the amount of your down payment. The higher your credit score, the better terms you may receive.
Are fixed-rate mortgages a good option for first-time buyers?
Yes, fixed-rate mortgages are a popular option for first-time buyers because they offer stability and help with long-term financial planning.