Ride The Line
. . . because getting a fixed-rate loan might not be the best fix.
Q: With the recent drop in interest rates, is now a good time to refinance my floating-rate loan?
A: Probably not. It's possible to get a fixed-rate loan, but not all lenders offer that option. If yours does, the initial rate on the fixed-rate loan will likely be higher than that on the floating-rate loan. Also, to avoid keeping their money tied up for long periods of time, lenders usually make fixed-rate loans at shorter terms than when they float with the current rates.
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