Fixed rate mortgage
November 28th, 2007 Filed Under Mortgage comparison
This week I’m going to talk about fixed rate mortgages (FRM). A FRM is as the name suggests, a mortgage with a fixed interest rate for a set amount of time. For example a two year mortgage with a set interest rate of 15%. This means you will always know exactly what you’ll be paying each month until the deal expires.
The fixed rate option is perfect for those who are on a tight budget and want to know exactly what they’ll be spending out each month and is therefore very popular with first time buyers. Knowing there will be no nasty suprises can be a huge relief off the mind and give first time buyers the confidence they need to make the big step of buying a property.
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