Summary

Fixed-rate loan is one type of bank loan that will not change its interest rate.

Requirement: apply through banks or their websites

Pros:
1. the interest rate will not affect by inflation
2. the amount that borrower have to pay is predictable

Cons:
1. have to consider the fixed-rate loan as monthly expense
2. the starting rate is higher than variable-rate loan
3. interest rate will not goes down