Should You Choose a Fixed or Variable?

In general, variable rate loans tend to have lower interest rates than fixed versions, in part because they are a riskier choice for consumers. Rising interest rates can greatly increase the cost of borrowing, and consumers who choose variable rate loans should be aware of the potential for elevated loan costs.

One of these is choosing between a fixed- or variable-interest-rate mortgage. True to its name, fixed-rate mortgage interest is fixed throughout the life of the loan. In contrast, the interest rate on a variable-interest-rate loan can change over time.

When you borrow money, the interest rate you pay is one of the most important considerations.Interest is the cost of borrowing, and the higher the rate, the more expensive your loan will be. As you shop around to compare interest rates, you’ll likely notice you have two choices: You could opt for a fixed-rate loan, or you could opt for a variable-rate loan.

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.

Which should you choose. And that’s true for a fixed-rate loan. But, if you pick a variable-rate one, payments can go up.

Scott Evans, a financial planner at BlueShore Financial in North Vancouver, B.C., says you should ask yourself why you decided to choose a variable. have if you stuck with the variable-rate loan.

Should You Choose a Fixed or Variable? Tip: Common Indexes. The most common indexes to which the interest on adjustable-rate mortgages is pegged are the 1-year constant maturity Treasury Index, the Cost of Funds Index (COFI), and the london interbank offered Rate Index (Libor).

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Fixed or variable: which loan is right for you? 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.

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So, you’ve found a property you love, sent in your bond applications, and the banks have finally started responding with offers! But wait a moment – one of the offers has two interest rates quoted: a.

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