Should You Choose a Fixed or Variable?

Should You Choose a Fixed or Variable?

It’s the question every Aussie with a mortgage has to grapple with – should I choose a fixed, variable or split home loan? John Tindall, principal of sydney-based financial advisory firm accumulus Home Loans, breaks down the mortgage jargon, explains the pros and cons of each loan type, and shares his thoughts about which approach is best.

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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.

U.S. mortgage activity picks up as loan rates tumble: MBA Last week, the average interest rate on conforming 30-year fixed-rate mortgages fell to 4.18 percent from the previous week’s 4.22 percent, which was the highest since July, the MBA said. Conforming loans are those with balances of $424,100 or less that qualify for guarantees from federal mortgage agencies Fannie Mae and Freddie Mac .

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.

Although it would be ideal to provide a ‘one size fits all’ answer to the ‘fixed versus variable’ question, the reality is that the choice of which GridCredits plan you should choose should be determined by your situation, own financial goals and priorities. You need to take into account how your family uses energy and how much energy.

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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.

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.

Should you choose a fixed or variable mortgage? Here are four broad considerations: First, how long do you plan to stay in the home? If you plan on living in the home a short time before selling it, you may want to consider a variable-rate mortgage. With a shorter time frame, the loan will have less time to move up or down.

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When you borrow money, you may have a choice between a fixed-rate loan or a variable-rate loan. Read on to find out how to choose which one is right for you. Image source: Getty Images.

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