If interest rates start to rise, it's easy to use the Fixed Rate Advantage Option at any time to lock in all or a portion (subject to minimums) of your balance at a fixed interest rate with fixed payments. Depending on which Line of Credit you qualify for, you have the option of converting a portion of your balance to one- to five-year closed mortgage rates (for home equity secured Lines of Credit) or to competitive loan interest rates (for unsecured Lines of Credit).

A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock." See similar questions...

We have recently had the first interest rates rise in a number of years. It is predicted that rates may rise again slightly before stabilising. In times when there are interest rate rises- rents- as a product of falling property sales- rise too. In any event there are a number of options when choosing a suitable mortgage that can have a fixed interest rate option. See similar questions...

Once you lock the rate, it cannot be changed. For that reason, it's important to consider carefully the timing of your rate lock. If you follow the market or plan to watch it closely, be sure you're comfortable with the trends you see before you lock. You may want to consider our rate protection program to help safeguard against changes in interest rates. See similar questions...

Once you lock the rate, it can't be changed. For that reason, it's important to consider carefully the timing of your rate lock, study the market and be sure you're comfortable with the trends you see before you lock. See similar questions...

Most lenders will not budge unless rates drop substantially (0.375% or more). This is because it is expensive for them to lock in interest rates, and rates fluctuate daily. If rates drop over 0.375% then you can negotiate down by 0.125% with the original locked lender, or the other way is we will move the loan package to a new lender offering lower rates, but if this is a purchase loan you have to be ware of the closing time issue before you doing any of the actions. See similar questions...

If your lock expires we will always do our best to get you a free extension;however, if rates are higher at the time of expiration you will not be able to keep the same rate you locked in. By responding in a timely matter you should have no problem closing your loan in the lock time frame. See similar questions...

Maybe. Certain loan programs have "float-down" options. This means that if the rates drop you can re-lock at the lower rate before closing. There are some restrictions on this however. Contact us and we'll go over your options. See similar questions...

Yes, you can lock part of your debt into a fixed-rate product for no charge at any time. The fixed-rate portion will be a traditional mortgage with standard Envision conventional mortgage conditions and penalties. If you decide you want to come back to a variable-rate option in the future, you can do so at the maturity of your fixed-rate term or sooner, if you're willing to pay the standard Envision conventional mortgage penalties. Fixed-rate terms range from 6 months to 10 years. (...top) See similar questions...

Each Key Facts Illustration contains information showing how much more you would need to find for your monthly repayments, should interest rates increase by 1%. Information on 'what if interest rates rise' is available in the following Financial Services Authority leaflet: See similar questions...

Most variable mortgages give you the right to change to a fixed rate at any time. If you think the interest rise is not just a short-term fluctuation but will be a long-term trend you have the option of converting your mortgage into a fixed term. See similar questions...

A. We recommend watching the market and consult with your Loan Officer. Please note that a lock can not be changed once you select your product and rate, so we ask that you be certain of your request. See similar questions...