Fixed: Bank determines the fixed rate for 1 to 3 years, and thereafter, the loan switches to a market-pegged or bank-managed rate, e.g., 1-Year to 3-Year Fixed Rate packages offered by most banksīefore comparing the different pricing packages, it’s worth noting that pricing packages are quoted with lock-in periods that usually go up to 3 years.Īs the name suggests, a lock-in period “locks” you into the loan for a particular amount of time.
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