Should You Look at Fixed Rates While They Are So Low?

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There can be pros and there are also potential cons to locking in with a fixed rate mortgage. When rates are low it does make people think twice about their best option. If you are not locked in to a specific rate you may want to lock in when rates are low so you can take advantage and save money on interest rates.

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Should You Look at Fixed Rates While They Are So Low?

  1. 1. Should You Look at Fixed Rates While They Are So Low?© The Mortgage Gallery Rockingham
  2. 2. If you are shopping around for a mortgage, the staff at The Mortgage Gallery Rockingham can help. We assist clients with both commercial loans and home loans in Kwinana, Perth, Cockburn, Rockingham and the surrounding areas. We deal in fixed and in variable home loans offered from a large number of lenders and we are happy to help you navigate your options. Should You Get a Fixed Mortgage or a Variable One? There can be pros and there are also potential cons to locking in with a fixed rate mortgage. When rates are low it does make people think twice about their best option. If you are not locked in to a specific rate you may want to lock in when rates are low so you can take advantage and save money on interest rates. Traditionally, a lot of people have signed up for variable mortgages to help them save money. Their attractive-looking interest rates often seem much lower than fixed rate mortgages and this can impact your mortgage payment and your budget in a big way. But it is important to realise that it is a bit of a gamble because that interest rate can change at any time. The pros of a fixed rate home loan can include being able to count on a specific rate and this can help you with budgeting. Pros of a variable rate can be apparent when rates are lowered and you are not locked in to a higher rate, but because they are variable, you could find the unpredictability unsettling. Many people do. Many people like the idea of saving money with a certain type of mortgage but do not like the volatility and there is always the risk that rates will climb before you are able to get a chance to lock in. When fixed rates are low, it is definitely tempting to lock in at a set rate. Before you make any decisions, it is wise to consult with a mortgage specialist. Mortgage brokers can offer you a neutral opinion with a number of options available to you. Unlike banks who have a single set of options, mortgage brokers can review options with a number of different lenders and help you find one that will maximise your ability to save money and to minimise that unsettling feeling, too.© The Mortgage Gallery Rockingham
  3. 3. Get Informed About Mortgage Options Whether you choose a fixed mortgage or a variable one, getting informed about your choices and crunching the numbers could help you make a choice that lets you sleep well at night. A mortgage broker in Cockburn, and the surrounding areas, can help you navigate the complexities of the choices and the process. When rates are low it is often wise to lock in, even if it is just for a short time. Do you have more questions? Contact us for answers.© The Mortgage Gallery Rockingham

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