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What is the difference between a fixed-rate and a variable-rate mortgage?
Posted : 28/04/2024 3:42 pm
The difference between a fixed-rate and a variable-rate mortgage is that the interest rate of a fixed-rate mortgage remains the same throughout the duration of the loan, while the interest rate of a variable-rate mortgage can change. The interest rate of a variable-rate mortgage is usually tied to a benchmark or index that periodically changes, which means that the interest rate can increase or decrease, causing the loan payments to also increase or decrease.
Posted : 30/04/2024 5:17 pm