Went into the bank for a loan and asked for the variable rate. Was advised by the loans officer to take the fixed rate option. (I hope to be in a position to pay off the loan shortly). Apparently the fixed rate option is the best to take in this situation provided the rates do not fall in the interim. If the rates rise you are locked in at the original rate.
I thought that once you took a fixed rate option you were tied into that rate for the full duration of the loan and you had to pay a penatly to repay the loan early.
Is the bank official correct?
I thought that once you took a fixed rate option you were tied into that rate for the full duration of the loan and you had to pay a penatly to repay the loan early.
Is the bank official correct?