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Floating vs Fixed Housing Loan

admin — Mon, 10 Dec 2007 16:49:06 +0000

The two most common types of home loans in the market are the fixed rate loan and the floating rate loan.
Fixed Rate Loan
A fixed rate mortgage requires a monthly loan payment that is the same for a fixed period. This is a good option if interest rates are low when you get a mortgage or if you want to budget with certainty over the initial few years. But do note that this fixed mortgage rate will not change if current rates fall.
Floating Rate Loan
A floating rate mortgage allows the interest rate on your loan to vary with prevailing interest rates. If rates go up, so will your mortgage rate and monthly payment. If rates go down, your mortgage rate will drop and so will your monthly payment.

A strategy worth considering may be to stick with a fixed rate loan to safeguard against raising interest rates. And if rates drop, switch to a floating rate loan to take advantage of lower rates. But before switching, do check if you will incur a charge for terminating your existing loan.

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