Bonus Episode 3 — The Mortgage, Part 2: Choosing the Rate
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Bonus Episode 3 — The Mortgage, Part 2: Choosing the Rate
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Two hundred thousand borrowed, over thirty years, with a one percent spread. At the end of 2021 that payment is about 598 a month. Two years later — same loan, same spread, same house, same person — it is about 1,074. Nothing about that borrower changed.
In Part 1 we chose the bank. Today we choose the rate, and that number is the reason the choice matters.
Most people treat fixed versus variable as a prediction about where rates are going. It isn't one — and I'll show you what the question actually is.
In this episode I cover:
• What actually moves your reference rate, and how often yours resets
• Variable, fixed and mixed — what each one buys you and what each one costs you
• Why fixed is not simply the safe option, and the two different products that both get called "fixed"
• The one question that decides it, which is about your budget and not the market
• What repaying early costs, and what stretching the term really costs you
Two episodes, two decisions. Choose the bank on total cost with at least three offers on the table. Choose the rate on whether your budget can absorb movement.
Bonus Episode 3 — The Mortgage, Part 2: Choosing the Rate
Show notes and full episode summary: https://www.beyondpiggybanks.com/episodes/episode-b0103.html