And that means more for you to repay if you’re on a variable rate (more about variable rates later). That’s where a fixed rate mortgage is useful. With a five-year fixed rate mortgage, for example, interest is fixed for five years. So, you can be sure that you won’t be ...
What a fixed-rate mortgage is Types of fixed-rate mortgages Most frequently asked questions Homeownership can be full of unpredictability. From the real estate market to changes in family plans to extreme weather, you never know what’s next. But your home loan doesn’t need to come with unc...
While a fixed-rate mortgage’s monthly payment amount stays the same, the breakdown of where those funds go — how much is paying down the principal versus how much is paying interest charges — varies based on the loan’samortization schedule. At first, it’s going mostly towards interest...
Of course, the flipside is that interest rates might fall, and if you’re locked into a fixed rate mortgage for a long period of time, you’re likely to miss out on these lower rates (unless paying theearly repayment chargeto exit your current mortgage and switch to a lower rate deal ...
With a fixed-rate mortgage, for a set period your monthly repayments stay the same, unlike a variable-rate mortgage, which tends to fluctuate.
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
With interest rates beginning to climb again, however, others might be wondering if this is still a good time to refinance home loans — or if it makes more sense to wait. So, let's take a look at where mortgage refinance rates currently sit. We'll also break down how they've changed...
What is a fixed-rate mortgage?A fixed-rate mortgage has an interest rate that won’t increase or decrease over time. Instead, it remains the same for the life of the loan. These loans typically come with 15- or 30-year repayment terms — though you might also see fixed-rate mortgages ...
fixed-rate mortgage, and how can you decide which option is best for your needs? Look at a few key points below, and reach out to an expert who can point you in the right direction. What is an adjustable-rate mortgage? If you decide to go with an adjustable-rate mortgage, you are ...
An adjustable-rate mortgage, or ARM, is a type of home loan with an interest rate that can change over time. Most ARMs have rate caps that limit how much rates can fluctuate when they adjust. The vast majority of mortgages have a fixed mortgage rate, so ARMs are relatively uncommon. ARM...