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FAQs
A fixed-rate mortgage has a constant interest rate throughout the loan term. A variable-rate mortgage has an interest rate that can fluctuate with the market, potentially leading to lower or higher payments over time.
It is the total length of time it will take to pay off your mortgage in full, typically ranging from 15 to 30 years. A longer amortization period means lower monthly payments but more interest paid over the life of the loan.
Closing costs include legal fees, land transfer taxes, and home inspections, incurred when finalizing a mortgage. These costs typically range from 2% to 5% of the home’s purchase price.
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