One of the biggest decisions with your first loan is what kind of mortgage to get. A variable-rate mortgage will have a lower interest rate and lower payments at first, but after the first five or seven years, the interest rate could increase significantly and drive up your monthly payments. On the other hand, a fixed-rate mortgage allows you to lock in the same interest rate for the whole mortgage. If interest rates are low and you plan to keep the mortgage a long time, a fixed-rate mortgage is generally best.
Choose Fixed vs. Variable Mortgage Loan
One of the biggest decisions with your first loan is what kind of mortgage to get. A variable-rate mortgage will have a lower interest rate and lower payments at first, but after the first five or seven years, the interest rate could increase significantly and drive up your monthly payments. On the other hand, a fixed-rate mortgage allows you to lock in the same interest rate for the whole mortgage. If interest rates are low and you plan to keep the mortgage a long time, a fixed-rate mortgage is generally best.
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