Who benefits from a Fixed-Rate Mortgage?
Fixed income households – Fixed-rate mortgages offer predictability. In other words, you know exactly how much interest you will pay and principal on the loan. Plus, the interest is tax-deductible so those who are retired or on a fixed income will benefit from these loans.
If you are unfamiliar with the loan process – Whether you are a first-time homebuyer, are retired or prefer a simple loan approach, fixed-rate mortgages are easy to understand.
Those that prefer flexibility – Whether you want to pay the same amount each month or prefer some months to pay more, fixed-rate mortgages offer flexibility. This gives freedom as to how best to pay back the loan and in what timeframe works best.
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