Your ability to repay a mortgage loan depends largely on the interest rate. Interest rates are either fixed or variable. The mortgage rate is determined by the availability of fund. During economic downturn when the demand for mortgage loans tend to plummet, banks and other lending agencies try to attract borrowers by reducing their mortgage rate. Cheap mortgages enable borrowers to clear their debts within a short time.

To avoid uncertainty of fluctuating interest rate, and especially to avo
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