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Best fixed rate mortgage rates

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Last updated: April 21, 2024

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Learn about fixed rate mortgages

When it comes to mortgage rate types, there are two common options, fixed rate and variable rate. With a fixed rate mortgage, your interest rate and mortgage payment will remain the same throughout your entire loan term.
Typically, fixed rate mortgages offer more predictability. Your interest rate will stay the same throughout your mortgage term, which will allow you to budget better since you will know exactly how much you will need to pay every month.

Although fixed rate mortgages offer predictability, there are some downsides to consider. Your initial interest rate may be higher compared to a variable rate mortgage and you will be locked into that specific rate for the whole mortgage term. There is also uncertainty regarding penalty fees if you decide to break your mortgage. The penalty for fixed rates will be calculated based on the greater of a 3 month interest penalty or an interest rate differential (IRD). Unfortunately, there is no set formula for how that penalty is calculated and depending on your lender can vary materially.

  • Your credit score, which provides insight into the likelihood of you paying the mortgage loan
  • Whether you choose a fixed or variable rate
  • The length of your mortgage term
  • The amount of equity (or down payment on a purchase) you have in your home
  • If the property is a rental or not
  • The lenders you work with. Typically, big banks charge more than other lenders
There are many other factors, which your mortgage advisor can go over in more detail with you.

If you are unsure of which type of mortgage you should go with, create a Perch profile or speak to a Perch mortgage advisor today. Regardless of where you are in your real estate journey, Perch can help you find the best mortgage rates and guide you to make more informed decisions. You can also use the free mortgage calculator to get insights into your mortgage cost and payments to help you determine your purchasing power.

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