Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 2 Exam with our comprehensive quiz that covers essential concepts and topics. Enhance your understanding with multiple choice questions designed to test your knowledge and boost your confidence before the exam.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is an advantage of a fixed mortgage rate?

Predictability of monthly payments
More favorable interest during market fluctuation
Variable payment based on market rates
Flexible repayment options
Lower initial interest rate compared to variable
Early repayment without penalties

The correct answer is: Predictability of monthly payments

A fixed mortgage rate offers the advantage of predictability of monthly payments. With a fixed rate, the interest rate and monthly payments remain constant throughout the term of the mortgage, providing borrowers with stability and the ability to budget effectively. This predictability can be particularly beneficial for individuals who prefer consistency in their financial planning and want to avoid unexpected changes in their mortgage payments.