Variable vs Fixed Rate Loan
This calculator will help you to compare a fixed interest rate mortgage with both a standard variable rate and interest-only variable rate (often called line of credit) mortgages.
A variable rate mortgage may provide for lower monthly payments to start with, but chances are those payments will go up in the current financial climate.
Here you can compare an variable rate mortgage with a fixed rate to calculate the real interest expense of both options.
It is worth noting that in order to qualify for a home mortgage loan, lenders will use the actual adjusted rate as oppose to the start rate. This is unless if the fixed rate period of the loan is at least 3 years in which case the initial fixed rate is used to qualify.
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Fixed rate mortgage and variable rate mortgage definitions.
In order to make an informed decision you need to familiarize yourself with the terminology.
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