Getting a mortgage at a fixed rate can be the best or the worst decision you’ll ever make. Banks offer fixed rates mortgages at 2, 3 or 5 years most commonly, but can go as far as a 10 year mortgage at fixed rates. What does this mean exactly. 

Fixed rate mortgages are very different from their counterpart, the variable rate mortgage. As you may know, mortgage rates are constantly changing, as the real estate market and the lending business collide, the rate needs to adjust. A variable rate mortgage will change according to the market. This means that, potentially, you can pay a lot on one month, and a lot less the following month. This is often the best option to take when rates are high and with a tendency to reduce in the upcoming months. Fixed rate mortgages are just the opposite: during the time frame that they’re agreed upon, they won’t change. They are, therefore, the best option to take when rates are low. They’re also the safest option, since no economical disaster can see a dramatic increase in the rates, like it happened not too long ago. So when considering your options, think long term and try to get advice on what the financial future might hold.