Real Estate Market

Whether you are buying your first home, moving into a new house or renewing a mortgage regardless of your situation, if you select a fixed rate mortgage, you will not have to worry about fluctuating interest rates for the specified fixed rate term of your mortgage.

A fixed rate mortgage:

A fixed rate mortgage comes with a fixed interest rate (or “blocked”) for the entire or part term of the mortgage. You know exactly what to expect, since you know:

• the interest rate that you need to pay on your mortgage;
• the amount of your loan payments on a monthly basis;
• the distribution of payment between principal and interest;
• the amortizationof your loan, that is to say the time you choose to fully repay your mortgage in full.

Enjoy a guaranteed rate

When you take out a new loan, your fixed interest rate can be guaranteed for the initial 90 days before the date of completion of the purchase of your home. If the interest rates rise during this period, you will still be entitled to the lowest rate.

Choose what suits you best

A lot of mortgage lenders allow you to choose between a mortgage with a fixed maturity, or flexible maturity, giving you the freedom to choose the loan term that gives you the best degree of security (and the interest rate).

Choose your repayment schedule

When you take out your mortgage, you can choose between several payment options, including a monthly, fortnightly, bi-weekly, weekly, bi-weekly accelerated and accelerated.

Choose your amortization period

Your amortization period is the period of time necessary to fully repay your loan. With many of the mortgage lenders, you can choose an amortization period ranging from 5 to 35 years.

Pay off your mortgage faster

Mortgage lenders usually offer the following options that allow you to make savings and reduce the number of years it will take to repay your mortgage:

· Making Double Payments

· Make prepayments of capital

· Increase your monthly payments

Before you embark on your journey on choosing the best mortgage deal, consult your financial advisor to ensure that you choose the best mortgage option available for your financial circumstances. A good mortgage advisor will assess your finances and help you select the best mortgage product that suits your needs. So irrespective of whether you want a fixed or a variable rate mortgage, do thorough research on all mortgage products before committing to one of the most important financial decisions of your life