Fixed Interest Rate Home Loan
Borrowers who choose fixed rate home loans can fix the interest rate for a specific period of time, from a few months to several years. Those with this loan will only need to pay the same amount of repayment every month for during that time.
When the fixed term expires, the borrower can fix another term or opt for a variable rate loan. The mortgage lender may charge a penalty fee if the borrower wants to renegotiate the loan. For example, change it into a variable rate loan during the fixed term or make extra repayments to save on interest.
* Managing Rising Mortgage Interest Rates
* Types of Loans from Mortgage Lenders
* Low Interest Secured Loans Can Help Reduce Debt
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