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One of the largest purchases that a person will make is investing in a home. When the size of a home loan is being negotiated the type of interest rate that you choose will play a huge factor in your final payment. The benefits of a fixed rate mortgage are that whether the economy rises or falls, your mortgage payment will not change. This is not true of the variable rate, which can change a mortgage significantly when the interest rate is double or tripled after a specified number of years.