Mortgage rates – interest rates to handleAshlyGreene
Mortgage rates are currently around 2.99 to five per cent everywhere in the world. But these rates are starting to creep up following rate rises in the US and other developed countries. There is a huge difference when we compare the condition of UA with the UAE as the dirham’s dollar peg means UAE interbank rates follow those of the Federal Reserve. Now the AED is the trend setter in this area. The recent moves seem to be the beginning of the end of nearly a decade of ultra-low interest rates and we strongly recommend borrowers to use fixed rate mortgage for every type of loan. Now here in Dubai it is highly recommended for expats to deal with fixed mortgage rates. If we talk about the situation of top banks of Dubai almost they provide mortgage usually for a two-year period and UAE banks currently offer fixed rates of 3.5 per cent to 4.5 per cent, and it is better than variable mortgage rates. Now for all it is a suggestion to pay attention to the “revision” rate. Now this is the thing that is most important as it vary from one bank to other bank. This is the applicable rate that you’ll pay on your mortgage once the fixed rate period expires. When you are talking the facility of fixed mortgage rates options you cannot change it to any other type till you did not pay all the installments. After your fixed time period you have a choice to extend your agreement or you want to quit. Typically, fixed mortgage rates are linked to three-month, six-month or 12-month set by the bank.
Top banks of Dubai provide mortgage rates with a low upfront interest rate can seem like a good deal. Be careful while taking the services of mortgage loan because it can be the most expensive mortgages over the term of the loan if you are not paying the installment on time. A borrower’s interest rate therefore provided with the monthly repayments option by most of the banks working in Dubai and it will remain unchanged in a fixed rate mortgage. Now when you are taking the fixed rate mortgage it is not suitable to reduce the installment amount. The revision rate could be much important to understand by all borrowers which will have a big impact on monthly mortgage payments.
Now specifically if we consider the fixed mortgage rates then these things matters a lot. Before going towards the exact situation and terms and conditions of fixed mortgage we will take a simple introduction of it. Top banks of Dubai offer fixed terms mortgage of up to five years. This time period vary from one bank to other. The longer the fixed rate, the more expensive it is means that if you want to extend the time period the mortgage rates will also increase. But here we only discuss the five-year fixed rates currently range from 4.75 to 4.99 per cent by top banks of Dubai. when we compare five years fixed rate mortgage with the other time periods we see that this considerably higher than the one- and two-year fixed rate but still very reasonable by historical standards. It is also advisable for those seeking peace of mind because once you will get the deal you are free from all tensions. Now you are just have to pay the installment that is very much reasonable and if we compare the amount of installment with the amount of rent that an expat have to pay for every month, we can say that mortgage loan is suitable than the rent.
Best Mortgage rates – Services of Mashreq Bank
Mashreq bank offer best and cheapest mortgage rates on a case-by-case basis that vary from one account holder to other according to their requirements. So when you are going to take the services of mortgage from Mashreq bank there is always a space for negotiation and for everyone it is essential. Understanding the risks between fixed and variable rates are very carefully cater by this bank as it has been working from last three decades in the region of Dubai. Top investors from all over the world are also taking the loan services of Mashreq Bank.