What is one difference between fixed-rate mortgages and variable-rate mortgages?
A. The borrower can adjust monthly payment depending on his budget.
B. The interest rate may change depending on the condition of the economy.
C. The lender can adjust the monthly payment dates whenever he wants to.

Question

What is one difference between fixed-rate mortgages and variable-rate mortgages?
A. The borrower can adjust monthly payment depending on his budget.
B. The interest rate may change depending on the condition of the economy. 
C. The lender can adjust the monthly payment dates whenever he wants to.

directrix · Answer

B would be my choice. But, read more about these two kinds of loans. The difference between the fixed rate mortgage and the variable rate mortgage is in how the increase rates will be set. The fixed rate has an interest rate that is set based on the bank's interest rate around the time you arrange that mortgage. The variable rate mortgage will be based on what the bank rate is and fluctuates over the life of the mortgage. So, do you know which one you want to get? Continued at the following link: http://www.streetdirectory.com/travel_guide/64434/home_loans/difference_between_fixed_rate_and_variable_rate_mortgage.html