This program locks in your interest rate for the life of the loan, giving you the comfort of making future financial decisions based on a steady monthly payment.If you want the security of a stable monthly payment, a fixed rate mortgage is probably right for you. Fixed rate mortgages are just that—mortgages in which the interest rate is 'fixed,' and will not fluctuate. Your first payment and your last payment will be the same amount, and pre-payment penalties are the exception, not the norm.
Available for owner-occupied, investment and second home properties, a fixed rate mortgage means you don't have to be anxious about interest rates going up. Fixed rate mortgages are perfect for those who are planning on staying in their home for many years, or those just wanting to impose a bit of predictability on their monthly expenses.