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Forms of interest levels

Forms of interest levels

There are 2 main kinds of rates of interest: fixed prices and adjustable prices.

Fixed interest levels

Fixed rates of interest are «fixed» at a particular price for the complete term for the home loan.

Types of loans and personal lines of credit with fixed rates of interest consist of:

  • Fixed price mortgages
  • Many vehicle and automobile loans
  • Many bank cards
  • Most unsecured loans
  • Payday advances

Adjustable rates of interest

Adjustable rates of interest are «variable» since they can move up and down for the entire term for the loan. They’re usually predicated on a rate called the Prime rate.