Mortgage product names change by country. In United States you are usually choosing how long the rate is bound and what happens if you move or refinance inside that period. Bankmatch lists licensed mortgage offers here; we do not import a foreign product label.
What “fixed” actually fixes
A binding period keeps the rate still until it ends. After that, the loan typically rolls to the lender’s variable or list rate unless you remortgage. Ask what the reversion rate is, not only the teaser.
What variable can do
A variable or reference-linked rate can fall and it can rise. It is cheaper only if you can absorb a higher payment and you are not planning to need payment certainty for a set number of years.
Break costs
Leaving a fixed period early can trigger a break or early-repayment charge that wipes out a small rate saving. Add that to arrangement and valuation fees before you pick a headline APR. Sketch payments in the mortgage calculator, then compare mortgages or match for purchase or remortgage.
Unsecured borrowing is a different risk: see personal loans. Scoring rules: methodology.
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Written for readers in United States. Bankmatch is paid by providers and never by readers; that does not change what we write.