Is It Better to go Fixed or Variable?
A question many homeowners face when they finance their purchase is opting for fixed or variable interest rates. To help understand the difference, we provide an example. Mortgage House offers various home loan products. In addition, we offer several tools such as mortgage choice calculators. If you navigate to our best rate calculators, you can see how fixed and variable rates affect several mortgages.
The Chameleon Freedom home loan is one Mortgage House product. Its purpose is to finance a home purchase. Applicants can also refinance and consolidate their debt with it.
It has a variable rate that begins at 1.69%. The loan includes an offset account, redraw, and additional repayment features. The monthly repayment starts at $1,771.54.
For fixed-rate products, Mortgage House offers the Fix and Save 5 Years Fixed. It’s a solid option for investors. The interest rate starts at 3.09% and a monthly repayment of $2,132.37.
Non-bank lender Mortgage House provides additional long-term and fixed-rate products. When you apply, our loan specialists can discuss them with you.
Sometimes a homebuyer’s financial circumstances pick for them. First-time homebuyers have several programs at their disposal. However, their borrowing capacity remains lower than established homebuyers. Therefore, loan options help them put their foot in the door. Then they can refinance for better loan terms and rates.
Fixed or Variable Conclusion
When you pick a fixed or variable rate mortgage, each option offers a set of benefits. Investors benefit from fixed-rate loans that convert to variable after a period. Homebuyers benefit from long-term products.
To discuss your options, call our Mortgage House loan specialists today. You can also try our mortgage choice calculators.