[Mortgage Is 'Just A Fancy Bullsh*t Word For Paying Rent For 30 Years To The Bank,' Says Real Estate Billionaire Grant Cardone — Here's Why Renting Could Be A Better Financial Move

](https://finance.yahoo.com/news/mortgage-just-fancy-bullsh-t-171148202.html?guccounter=1)

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[–] 5 points 2 years ago* (last edited 2 years ago)

I gotta renew and I have access to both fixed (6.08%/5y) and variable (6.80%/5y) rates.

The thing about variable rate is that it will not change your monthly payments when the interest rate changes, it changes the amortization (ie: how fast or slow) you'll end up paying your mortgage according to the interest rate.

It's a gamble though, personally I'd rather go with fixed at the moment. I did save a bit with the variable rate when I renewed in 2014 and the interest rate ended up going down.

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