Loans are by no means ‘one size fits all.’ Different loan types suit different age groups, different living situations and even different attitudes to money. A common trap some home-owners fall into is to consider a mortgage ‘set and forget’. You did your research, shopped around, found the right option and now you’re reluctant to revisit the process – even if your personal circumstances have dramatically changed. Before you start shopping around for a new loan, or an upgrade to your old loan, it’s worth knowing a little bit about the options available. The three most common differentiators are variable rates, fixed rates and combo rate loans: A variable rate loan offers greater flexibility than a fixed rate loan and will appeal to you
