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Types of mortgages

Types of morgages

Discover the differences with this comparison table.

 

Fixed Mortgage

A fixed mortgage offers a constant interest rate throughout the term of the loan. This means your monthly payments will remain the same from start to finish, giving you financial stability and predictability. It is ideal for those who prefer to avoid market fluctuations and want to know exactly how much they will pay each month.
Interest rate
The interest rate is constant throughout the entire term of the loan, providing stability in monthly payments.

Predictability
Ideal for borrowers who prefer to know exactly how much they will have to pay each month for the entire loan.

Flexibility
Less flexible compared to variable rate mortgages, as borrowers are locked into a fixed interest rate for the entire term.

Variable Mortgage

A variable mortgage has an interest rate that can change over time, depending on market conditions. Monthly payments may increase or decrease based on interest rate changes. It is suitable for those who are willing to assume some uncertainty in exchange for the possibility of lower payments.
Interest rate
The interest rate may fluctuate depending on market conditions, which could lead to variable monthly payments.

Predictability
It may result in increasing or decreasing monthly payments over time, depending on interest rates.

Flexibility
It offers some flexibility, as borrowers can benefit from lower down payments and potential savings if interest rates stay low.

Mixed mortgage

A mixed mortgage combines features of fixed and variable mortgages. It usually begins with a fixed rate period for the first few years (e.g., 5, 10, or 15 years), followed by a variable rate for the remainder of the term. This allows for greater initial stability and the potential to benefit from lower interest rates in the future.
Interest rate
During the first years the interest is fixed, after this period the interest rate becomes variable.

Predictability
Steady payments at the beginning allow for stable financial planning during the first years of the loan.

Flexibility
It offers flexibility and the possibility of benefiting from future variable rates and options to refinance or pay early without penalties.

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