The interest rate is fixed at the start of the mortgage. The periodic amount for the payment of principal and interest will not change during the term of the mortgage.
Keep in mind that with this type of interest we are aware of the amounts we will be paying until the mortgage term is finished, however, we don't know whether the interest rate level will be reduced in the market or not.
Adjustable mortgage rate:
The interest rate on your mortgage will be adjusted up or down according to current interest rate levels. The periodic amount for your main and interest payments will go up or down with these rate changes.
The initial interest will be initially lower. The mortgage company normally uses this tool to make the mortgage offer more attractive, later on this interest may convert into an excessively high interest.
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