Should You Choose a Fixed or Variable?

Whether you switch to a fixed-rate loan or switch to a variable rate loan ultimately comes down to your tolerance for risk.

Is a fixed or variable-rate loan right for you? Ultimately only you can decide whether a fixed or a variable-rate loan is the right type of loan for your situation.

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If prevailing interest rates trend lower, a fixed-rate mortgage holder may choose to refinance, and that may involve closing costs, additional paperwork, and more.² With variable-rate mortgages, the initial interest rates are often lower because the lender is able to transfer some of the risk to the borrower; if prevailing rates go higher, the interest rate on the variable mortgage may adjust upward as well.

Fixed or Variable Rate - Which Is Better? If you choose a fixed rate, you are betting that rates will increase. How To Choose Variable or Fixed Rate. The bad news is that we can’t choose for you on the question of variable vs fixed rate student loans. When it comes to federal student loans, you have no choice; your rate will be fixed.

 · As with the fixed-rate loan, whether you view a variable-rate loan’s features as an advantage or disadvantage will largely depend on your personal financial situation and the state of the market. Makes budgeting more difficult – variable interest rates make it difficult to accurately calculate your monthly expenses.

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"With three-year fixed rates starting as low as 3.74 per cent, they’re still at basement levels," he adds. Cutting monthly repayments could ease tight domestic budgets. Suzanne White "In the short.

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Should You Choose a Fixed or Variable? Buying a home is the single-largest financial commitment most people ever make. And sorting through mortgages involves a lot of critical choices. One of these is choosing between a fixed- or variable-interest-rate mortgage.

Understanding the differences between fixed, variable and periodic expenses can help you plan your spending and budget more effectively.

If prevailing interest rates trend lower, a fixed-rate mortgage holder may choose to refinance, and that may involve closing costs, additional paperwork, and more.² With variable-rate mortgages, the initial interest rates are often lower because the lender is able to transfer some of the risk to the borrower; if prevailing rates go higher, the interest rate on the variable mortgage may adjust upward as well.