a fixed rate mortgage is a loan whose interest rate will remain the same for the life of the loan, for example, if you get a fixed rate 30 year mortgage at 6%, your interest rate will remain 6% for the life of the loan
on a variable rate mortgage, your interest rate will vary depending on the guidelines for the loan, the rate will adjust according to whatever the loan is linked to and the guidelines associated with the loan
the advantages for the fixed rate is that it will always be stable for the life while the variable will change, the advantages of the variable rate is that it is usually lower than the fixed rate for the introduction period.. you can later refinance the loan once the adjusts to a higher rate
for more info on mortgage tips and latest news and commentary for a refi, check out the source
a fixed rate mortgage is a loan whose interest rate will remain the same for the life of the loan, for example, if you get a fixed rate 30 year mortgage at 6%, your interest rate will remain 6% for the life of the loan
on a variable rate mortgage, your interest rate will vary depending on the guidelines for the loan, the rate will adjust according to whatever the loan is linked to and the guidelines associated with the loan
the advantages for the fixed rate is that it will always be stable for the life while the variable will change, the advantages of the variable rate is that it is usually lower than the fixed rate for the introduction period.. you can later refinance the loan once the adjusts to a higher rate
for more info on mortgage tips and latest news and commentary for a refi, check out the source