Mortgage Rates

Mortgage Interest Rate: Fixed vs Floating – Easy Peasy Finance for Kids and Beginners





This video covers “Fixed and Floating Interest Rate for a Mortgage” in a simple, kid-friendly way.
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The video addresses the topics below:
– What are the different types of interest rates for a Mortgage
– Fixed and Floating Interest Rates (also called Adjustable Rate Mortgage or ARM)
– What is a fixed interest rate
– What is a floating interest rate or Adjustable Rate Mortgage
– What happens when the interest rate changes in a floating rate (monthly payment goes up or down)
– Is there a maximum interest rate for a floating rate (yes, there is a cap or maximum limit)
– Why would someone select a fixed interest rate
– Why would someone select a floating interest rate
– Hybrid rate of interest (combination of fixed an floating)
– In a floating rate mortgage, who decides if the rate should go up or down (the bank, depending on the change in the benchmark rate)
– Who decides if you get a mortgage with a fixed rate or a floating rate (you do, the person taking the mortgage)
– How do you decide whether to select a fixed rate or a floating rate

Hope you like the video and stick around for more finance fun! And please let us know your thoughts (or a suggestion for a video) by leaving a comment!

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1 comment

  1. Great video I wish I could make it

    Reply

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