Want to Sleep Better at Night? Try a Fixed Rate Loan!
Unlike a variable rate loan, which fluctuates according to unpredictable and often unfavorable market pressures, the interest on a fixed rate loan remains the same during the entire term. Not only does that help borrowers lock-in low rates that they can benefit from for years to come, it also offers protection from rate fluctuations, thus making future budgeting easier since borrowers know exactly what they’re expected to pay. With a fixed rate loan from a Freedom Loans lender, you aren’t in for any ugly surprises!
Fixed rate terms
Generally, fixed rate loans are secured for periods ranging from one to five years. Some lenders have recently introduced longer fixed rate periods—some as long as 15 years. In these cases, borrowers are charged a premium or higher interest rate in return for the security of a longer period.