Interest-Only
rcohan • Updated September 1, 2014
Trying to decide between a fixed-rate and an adjustable-rate mortgage? Knowing the right questions to ask your lender can simplify this decision for your next purchase or refinance loan.
Before you make a decision, be certain you understand the particulars of each type of mortgage loan to know the best choice between a Fixed-Rate or Adjustable-Rate Loan.
Step 1: Start by asking yourself the following questions:
A budget estimate is an important preliminary step that can affect your mortgage choice. Think about your career path, kids and also other loans (like student or car loans) you may pay off in the meantime.
Step 2: Chat with your mortgage banker
Sit down with one of our mortgage bankers to weigh the pros and cons of fixed rate mortgage and adjustable rate mortgages. We’ll help you review your financial objectives and mortgage needs, and determine what the best solution is for your needs.
Do you already have a mortgage loan? Tell us how you chose your loan type based on the pros and cons of fixed rate and adjustable rate loan by adding your comments below.
The FOMC met late last week to determine how to handle interest rates moving forward. In December, the committee voted to raise interest rates by ¼ of a percent and alluded to future incremental hike
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