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Author Topic: 3 year Vs 10 year fixed rate mortgage
Posts: 7
Post 3 year Vs 10 year fixed rate mortgage
on: June 13, 2019, 00:17

I'm looking at buying a property to live in and eventually rent. Currently, I got my appraisal and I can at least afford to pay the EMIs. The current house is a little bit congested. So moving to a bigger house make sense. I was enquiring about the mortgage rates and found out that my lender is suggesting a year fixed vs a 10 year right now due to rates. My strategy is to keep the home long term so to me a 3 year doesn't seem logical as the rates are unlikely to go below the current rate in the next 3 years. Any insight as to why a three year fixed rate mortgage might make sense as my lender suggests?

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