We went with a fixed rate to make sure the rate doesn`t change for the next 5 years. We like to know the exact amount per month to budget our year. We also planing to pay extra payments and a lum sum at the end of the year to pay off the principal faster. We would like to illuminate the mortgage as soon as we can and why we are young.

Mortgage rates are the lowest in the history and will not be any lower then what it is now. In fact banks began to raise the mortgage rates and will continue to raise it in the new year. Locking your mortgage for a fixed rate will insure you with a fixed monthly payment for the next few years. I believe that 5 years fixed mortgage is the way to go in 2011.

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I just recieved a notice of change in terms on a major credit card. i have the option to close it. i may. i bet many here got it too. hsbc!

Hi, APR stands for Annual Percentage Rate, and as such, is the indicator to how much interest you pay on your loan. Variable APR means that this rate (i.e. 15%) has the possibility to either rise or decrease over the term you have your loan. It is usually tied to another rate such as interest rates etc. Having a fixed APR will allow you to keep the same rate of interest on your loan for a fixed term, thus allowing a person to budget their debt in an easier manner. However, fixed rates may change over time due to long term economic factors, in which case your credit card issuer must inform you by letter. Hope this helps!

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I got a pre-approved offer from fia card services (now affiliated with bank of america) they offered me a line of credit with a "non-variable rate", that sounds like a fixed rate, right? wrong! after reading the "fine print" i found the following statement: "for approved accounts, we reserve the right to change your apr, fees, or other credit terms at our discretion." yikes! i called to see if they were for real with this and was told a lot of mumbo jumbo about the industry and late payments, etc. sure, if i pay my account late all the time, i would expect an interest rate hike. unfortuately for the borrower, even if you maintain a great credit score and perfect payment history every month, they can still raise your rate "at their discretion". i told them (in a nice way) where they could stick their loan... anyone fell into this trap? share your story so others might learn!

I have quite a few credit cards and not ONE guarantees that my rate will never change. In credit card terminology, "fixed" only means that the rate isn't based on some market rate like the prime rate. It's only "fixed" until the credit card issuer decides to change it. It's quite common for the account agreement to specify that the rate WILL change in the event of a late payment, a check that bounces, etc. and in addition they can choose to change it whenever they want as long as they notify you with as little as 15 days notice. "Variable" means the rate can change month-to-month, depending on changes in the prime rate (or whatever market rate they use). Bottom line, there is no credit card that will offer a fixed rate which will never, ever change.

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Or a line of credit as they call it, and then two years later inform you that it is changing your terms from a fixed rate of 7.99% to a variable rate based on the prime rate plus some other mathematical mumbo jumbo? can someone please explain how we would calculate our new variable rate? no it was fixed for the life of the loan. bank of america has done this to many people with the same type of loan i have. this is a line of credit not a mortgage! our mortgage is fixed at 6%!

the key is that you got a line of credit - in the fine print of all lines of credit the companies have right to adjust the terms of the line within changing market conditions. what is best to get is an installment loan. especially if you don't want to get any more money, just pay off the balance of what you owe. an installment loan is a fixed rate for a set period of time & the only way it can be changed at all - even the due date - is by refinancing the loan. there has been some legislation passed that required companies to putt an exact date as a due date if your previous due date was set as the last day of the month (mostly credit unions do that) so most of them have changed the due date to either the 15th or 28th. but that is the only instance where i have seen an installment loan change anything. to calculate your new variable rate. you need to know your spread. lets use round figures. for our expample - prime rate is month is 5%, your spread is 4%. so for this month your rate is (5+4) 9%. prime changes to 3%, (your spread will not change) your new rate is (3+4) 7%... Find out your spread - find out the prime rate that they use as it could be from the libor index also.

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I am currently on a 7.99% promotional apr rate that will expire in october. but instead of defaulting to variable 15.99%, i received a change in terms letter that states that my account will default to a variable 29.99% rate instead. it is not fair, my payments have been on time for the past 15 years i have had the card and usage rate is 25% of the balance ($5k out of $20k). they are giving me the option to either close the card (at 15.99%) or accept the new terms, effective october 2009? what should i do....alert the bbb? the name of the card is citi - mastercard.

Do not close the card cause it lower you available credit line. You also can use this service to pre-estimate future scores for different scenarios of credit card payments - credit-report-score.10001mb.com

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Or does stay the way it is? or is it all depends on the bank you signed up if it is fixed or variable? (im not quite sure if this is the term for house loan) sorry forgot to mention, i live in australia (brisbane)

interest rates are so low right now, that if you lock in a fixed, 30 year term at the market rate for good credit holders at 4.4 percent, you will not regret it. if you have good credit, banks will trip over each other right now to give you money. interest rates typically go down as an economy sours because the banks are trying their best to attract new business.

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I have been a customer with capital one for 8 years now. i recently received notification that they are increasing my apr fixed rate to a variable rate of 29.4%. i have never had late payments nor gone over any limits. perfect history. how can i prevent them from doing this without declining the change which would force me to close the account(reflecting negatively on my credit report)

All credit card companies are screwing everybody now days. It is their way of getting all they can now before the H.R. 627 Credit Cardholders' Bill of Rights 2009 finally comes up for a vote (hopefully this year) and passes into law. As of Apr 2, 2009: the bill was forwarded by Subcommittee to Full Committee (Amended) by Voice Vote . They know that and simply want all they can get. Do as most people are doing, simply pay off the card and cut it up but do not close the account. You need that available credit to keep your debt utilization portion of your credit lower. Canceling the card would simply lower your available credit and could put your usage above the 30% level which lowers your score. Hope this helps answer your question.

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I'm thinking of changing from a variable to fixed rate mortgage (4.95%). it sounds like quite a good deal as there seems to be no suggestion of rates coming down in the short to medium term. what do people think?

Interest rates need to be hiked considerably as people like me who have money are not getting enough interest from the building societies who lend my money to people like you to buy nasty little houses over 25 years

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Looking to sell my current house in a year and purchase a larger house. worried about a negative change in my credit score which is currently 750. i have an outstanding balance of $7500.00 with a fixed rate of 5.99% that will change with the new terms of service to a variable rate around 15%. if i decline the new terms of service my card is closed and i keep the low rate of 5.99% until its payed off. should i try to find another card with a better rate to transfer my balance until its payed off? i only have one credit card.

How much it would damage your score depends upon how it will affect your debt utilization ratio. Closing it will reduce your available credit line thus raising your ratio percentage. This lowers ones score. If you have other accounts that are paid off and still open, then the affect should be little and your score will rise once you pay down that $7,500. Obtaining another card will just lower your score as it will place a hard hit (inquiry) on your credit report and often those 0% offers have loopholes you can drive a mack truck through. If you can afford to loose that available credit line and not raise your ratio, then might just as well save some interest and close it out.

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All i need are definitions i wouldn't do this regularly but yeah am in a rush i forgot this was due you don't need to do all of it section 1 key terms supply law of supply supply schedule supply curve market supply cure quantity supplied change in quantity supplied change in supply subsidy supply elasticity section 2 key terms theory of production short run low of variable proportions production function raw materials total product marginal product stages of production diminishing returns section 3 key terms fixed cost overhead variable cost total cost marginal cost e-commerce total revenue marginal revenue marginal analysis break-even point profit-maximizing quantity of output chapter 6 section1 key terms price rationing ration coupon rebate section 2 key terms changes in demand and supply cause prices to change economic model market equilibrium surplus shortage equilibrium price section 3 to achieve one or more of its social goals government sometimes sets prices key terms price ceiling minimum wage price floor target price non recourse loan deficiency payment chapter 7 market structures section 1 market structures include perfect competition, monopolistic competition, oligopoly, and monopoly. key terms laissez-faire market structure perfect competition imperfect competition monopolistic competition product differentiation non price competition oligopoly collusion price-fixing monopoly economies of scale geographic monopoly technological monopoly government monopoly thank you anyone willing to help and if not thank you for writing to say do it yourself and stop being lazy am already working on part of it

The internet is good for more than porn. http://en.wikipedia.org/wiki/Main_Page