Ja but its never a good idea to go on a fixed interest rate unless prime is already quite high. Prime is at 8.5% at the moment. you should try to get prime +2 as a interest rate which is decent if your lucky you can get prime +1 but they very rarely give you that but its worth a try to get the lowest possible interest rate. also the bank has to motivate to you why they are giving you a certain interest rate

