Part 3/7:
Interest Rates Today: Banks currently offer fixed rates averaging around 3%, significantly lower than the roughly 5% effective rate on Cyper loans. Moving to a fixed rate could save you about $1,000 monthly on a $1 million loan over a 20-year term.
Floating vs Fixed Rate: A floating Sora rate is typically cheaper than fixed options, with savings of approximately 7% per month compared to Cyper-based payments. However, floating rates can fluctuate, which might not suit everyone.