This has been the most popular home financing product for a long time, with an interest rate that never changes. It provides stable, predictable monthly payments through the life of the loan. Fixed rate mortgages can be good for first time buyers and anyone on a budget who needs the stability of a set monthly repayment.
When you refinance with a fixed rate mortgage, you have the security of knowing the exact amount you will repay each month. This is important if you plan on staying in the home for a period longer than five to seven years. Fixed rate mortgages are available in the following terms: