Variable and fixed-rate loans and mortgages: Don’t let a rate hike surprise you

Q: We opted for a variable rate mortgage when we bought our first home about eight years ago. We had recently gotten married, both of us had good jobs, and we had no one but ourselves to take care of. But as life would have it, and our jobs changed and family grew, we got nervous about rates and decided to lock in our mortgage to a really good fixed rate. We were feeling pretty good about our finances until we realized that our mortgage will come up for renewal in about 18 months, when rates wil