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July 18, 2001
By
Ego Feathers Jr.
Website:
http://www.1st-choice-loans.com
>
Choose between Fixed or Adjustable mortgage rate!
Your current economic situation and your future financial plans will guide you to make an important choice between a mortgage rate with a fixed-rate and an mortgage rate that has an adjustable-rate. In today’s competitive marketplace, you can choose from an increasing variety of loans to match your long-term plans and goals.
Fixed mortgage rate loans can be long-term or short term:
Long-term fixed mortgage rate offers predictable payments and interest but come with higher interest rate, more interest paid in the long run, and higher down payment requirement. The short-term fixed rate on the other hand, features predictable payments and interest with lower interest rate; less total interest paid; and a quicker payoff. But it will be a higher monthly payment and stiffer qualification standards.
An adjustable mortgage rate loan has a low interest rate in the early years of the mortgage allowing you to pay less for your home in the short-term while a fixed mortgage rate loan stays constant at a higher rate.
If you intend to keep your house for more than 5 years, a predictable fixed mortgage rate is probably a better choice.
For more options check mortgage rate offered by various companies.
For
more information on mortgage rate - click here!
> About The Author:Ego Feathers Jr. is a successful author and the
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