What Is a Fixed Rate Loan?

On July 1, 2011 By

When you’re looking into getting a line of credit, you might get confused by some of the terms used to describe them. Your lender might discuss “fixed rate loans” and “variable rate loans,” and if you’re pretty new to borrowing money, you might not have any idea what those phrases actually mean. It’s important to understand what they mean because the type of rate you receive could have an impact on the total amount you end up paying back for what you borrow as well as your monthly payment.

What Is a Fixed Rate Loan?

In most cases, a fixed rate loan is a good option. This is because a …

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