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How do interest rates affect my mortage?
Rounding it up
Mortgage loans are available to help people finance their home purchase. Like any loan, they come with an interest rate that adds to the total cost of a loan over its lifetime.
Mortgage interest rates can vary for each borrower and house. It depends on factors like credit scores, market conditions, and government policies.
You can choose between a variable mortgage interest rate, which can change over time, or a fixed one, which will not fluctuate.
While tempting, lower mortgage interest rates are not always the best choice; consider all options and do your research to ensure you’re locking it the best mortgage situation.
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