A fixed rate mortgage is a type of mortgage where your interest rate stays the same for a fixed period. Simple as that. Take out a loan to buy a property, and the interest on the loan remains unchanged for a set time, usually two or more years. ...
A fixed-rate mortgage is a loan with an interest rate that is set for the duration of the mortgage term. Interest rates might rise or fall after you’ve finalized your mortgage, but the interest rate you pay remains unchanged until your mortgage term ends. ...
Mortgage rates impact your monthly payment, as well as how much you ultimately pay for your home. Learn how mortgage rates work, and steps to take that could help you get a lower rate.
Ever heard of an adjustable-rate mortgage, or ARM? It’s slightly different than a fixed-rate mortgage and has its own advantages and disadvantages. Read this guide to learn more.
Learn about the different types of fixed-rate mortgages from CIBC. Choose a fixed-rate closed mortgage for consistent monthly payments, a fixed-rate open mortgage for greater flexibility and learn how they’re both impacted by Canada Mortgage Bonds. Appl
When a lender offers you an interest rate for a mortgage, the interest rate is the cost of borrowing money, expressed as a percentage of the loan. Most consumer mortgages use simple interest which is defined as paying interest only on the principal. Some
First, it’s helpful to understand the difference between a floating rate and a locked rate. A mortgage rate lock is an agreement a borrower makes with a lender that the lender won’t change the interest rate before closing, as long as the borrower’s financial situation doesn’t change si...
While a fixed-rate mortgage’s monthly payment amount is consistent, the portion of your payment that goes toward your principal versus your interest charges based on the loan’samortization schedule. At first, most of your payment goes toward interest, and later in your loan term, more and ...
Adjustable-rate mortgages come with an interest rate that changes periodically. Learn what an arm mortgage is and if it’s right for you.
If market interest rates change between the time that loan is originated (opened) and when it's paid off, though, it can often make sense to refinance the entire loan. This refi takes the place of the original home mortgage loan, ideally with a lower interest rate and better repayment ter...