Should I choose a fixed rate or adjustable rate loan?
This can depend upon several different factors. Fixed rate loans have a stated interest rate that does not change over the life of the loan, whereas the rates on adjustable rate loans are linked to an index and change as the index rate changes. Many mortgages, such as a 5-Year Fixed (30 Year), start as a fixed rate loan and then convert to an adjustable rate. Adjustable rate loans have more risk due to the possibility that the interest rate could increase.
What is the difference between the interest rate and the APR?
The interest rate is the cost to borrow the lender’s money. The APR represents the total cost of the mortgage over the life of the loan, including closing costs and lender points.
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