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WHAT is the main advantage of fixed rate over variAble rate debt?
Wiki User
∙ 14y ago
In a fixed rate mortgage you know exactly how your loan isamortized over the next 10, 15, 10 or 30 years. You know exactly what your monthly payment will be until the loan is satisfied.
In an adjustable rate mortgage you will be informed as to when your rate will 'adjust' up or down and what to expect your new monthly payment to be.
If you are like most who truly budget their funds, it's best to have a fixed rate unless you do not intend to be in you home for more than the ARM (adjustable rate mortgage) term- 1 yr arm, 2 yr arm, 5 yr arm...
Wiki User
∙ 14y ago
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