I don't sleep, I just dream.
So, I'm looking at mortgages. Most are fixed rate for 2 or 5 years, which is nice and clear, but then after that ( on a 25 year mortgage) they go to variable rate. This is what is concerning me. The variable part seems uncertain. If a variable rate mortgage is 4% for example, does that mean it can go up as well as down? What happens if it goes up a lot? Will I will have to pay a lot more? Cheers.