What are fixed and variable interest rates?
An example of an AI chatbot conversation about fixed and variable interest rates.
Can you explain the difference between fixed and variable interest rates?
Sure! Fixed interest rates remain the same throughout the loan term, while variable rates can change based on market conditions.
Which one is better for a mortgage?
It depends on your financial situation. Fixed rates offer stability, while variable rates might start lower but can increase.
What are the risks of choosing a variable interest rate?
The main risk is that your payments can increase if interest rates rise, potentially making your loan more expensive over time.
Can I switch from a variable to a fixed rate later?
Yes, many lenders allow you to refinance your loan to switch from a variable to a fixed rate, but check for any fees.
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