Deciding to purchase a home is a very important decision to think through. While most experts agree renting is nothing but a money pit, it can be intimidating to purchase something as expensive as a house. Buying a home with a variable rate mortgage can save money initially during times of lower interest rates. However, if the interest rates begin to climb, it can take the amount of the payment through the roof, causing people to struggle to pay for their home, and even lose them due to foreclosure. An ideal solution would be to refinance with a fixed rate remortgage loan, even if the interest rate is slightly higher than the current level being paid. You must be aware of all options, as your homes financing is something you will likely deal with for at least 15 to 30 years.
During the recent housing boom when interest rates were at the bottom, variable rate mortgages enabled folks to buy a home at an affordable monthly payment. Stipulations were built into the loan that at some future point, specifics were often different for each loan, the interest would rise if the prime interest rate increased. When interest rates began to escalate, many homeowners found themselves...
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