12 Questions To Ask Yourself Before Taking On A Loan
- By
Julia Austin
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Is the interest rate fixed?
Given the recent dip in mortgage rates, homeowners with variable rate mortgages saw some nice savings this year. That being said, if rates skyrocket, they could take a hit. Finding out if something is fixed or variable is pretty easy and will be one of the first things you discuss with any lender. What they may not put out there quite as big and clearly is if the rate is variable, how high is it allowed to go up? Also, how often are they allowed to increase it? If it’s fixed, make sure you’re happy with the rate because getting out of it could be a headache later.
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