|From: Anjanette2018 (Rep: 0)||Date: 2018-03-08 06:12:46|
|Forum: Casual Lounge - Thread #673995944||Msg #788 - Part 1/1 (Rec: 0) |
|Fixed rate mortgages ( http://www.northwoodmortgage.com/mortgage-rates/fixed-mortgage-rate-toronto/ ) have both advantages and disadvantages. If we are taking it at the right time, it would be advantageous to us. |
The main advantages of fixed rate mortgage are:
1. Protection Against Interest Rate Increases
2. Easier to Compare Loan Options
And the disadvantages are:
1. No Benefit If Interest Rates Fall
2. No Lower Introductory Rate
If you are looking for stable monthly payments and do not want to be dealing with the uncertainty, it is advisable to go for a fixed rate mortgage. But if you have sufficient financial cushion to absorb any increase in your monthly payments, and if you feel that interest rates are likely to go lower in the near future, then an adjustable rate mortgage might be a better option for you.
NOTE: This message was originally posted on 2018-03-08 05:27:24 by the Anjanette2018.
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