Fixed Rate Mortgage – Lock-In Mortgage for peace of mind
Often termed as traditional mortgage, a fixed rate mortgage involves fixed rate of interest over the loan term. Opposite in nature to the fluctuating or floating variable rate, fixed rate is termed as ‘locked-in’ rate of interest.
More preferable than the variable rate with over 65% of people opting for fixed rate, it allows you to have complete peace of mind, knowing that you will pay a certain repayment amount over the term and thus can plan and manage your finances accordingly. It is ideal for those who are tight on budget and do not want to get embroiled in any financial risk.
Fixed or Closed Mortgage vs Variable or Open Mortgage
Weighing in the pros and cons, it all depends on the borrower to decide which one is beneficial for him/her. Usually first time buyers look to averse any risk involved and thus opt for fixed rate, as it helps in maintaining their financial condition with a fixed repayment plan. Whilst older people or established professionals prefer variable rate, as they have sound financial health and can handle the fluctuations.
Golden Financial – Assisting in the choosing the best rate for your need
The experts at Golden Financial have high knowledge of the market condition, and can evaluate your conditions fully and provide reliable and detailed consultation on which plan to opt for. With a large pool of leading lenders we manage and provide best mortgage plan with lowest rate possible for our customers.