Humber/Ontario Real Estate Course 2 Exam Practice

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What is an advantage of a fixed mortgage rate?

  1. Predictability of monthly payments

  2. More favorable interest during market fluctuation

  3. Variable payment based on market rates

  4. Flexible repayment options

  5. Lower initial interest rate compared to variable

  6. Early repayment without penalties

The correct answer is: Predictability of monthly payments

A fixed mortgage rate offers the advantage of predictability of monthly payments. With a fixed rate, the interest rate and monthly payments remain constant throughout the term of the mortgage, providing borrowers with stability and the ability to budget effectively. This predictability can be particularly beneficial for individuals who prefer consistency in their financial planning and want to avoid unexpected changes in their mortgage payments.

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