Figuring Out Whether To Go With A Fixed or Adjustable Mortgage
Traditionally, the 30 year fixed mortgage was the staple of the home loan industry. Now you have tons of choices with the fixed or adjustable mortgage being the biggest.
Figuring Out Whether To Go With A Fixed or Adjustable Mortgage
Almost every person, at one point or another, will be looking into the possibility of pulling out a mortgage on a home purchase or refinance. When doing so, they are faced with two general propositions: a fixed rate mortgage and a variable rate mortgage. These two forms of mortgages are very different and can benefit different people in different ways all depending on the situation, especially the current interest rate levels. Both have advantages and disadvantages that must be weighed carefully.
Fixed rate mortgages (FRM) are mortgages that, as the name implies, will have one steady interest rate over the entire mortgage term. This interest rate will never change and never vary. You, as the homeowner getting the mortgage, will not have to worry about sudden market changes affecting how much you will be paying a month and how much interest is charged. This is...
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