Variables or Fixed Rate Mortgage?

Hi,

I am planning to buy a house of my own and have not been able to decide as to whether to go in for Fixed rate or Variable rate Mortgage. Though I have gone through many articles on this but I would still like to learn more as this would be a one time decision. Can someone please suggest a site which can elaborate more on this issue?

Thanks!

if rates are headed down for a while, the variable rate will adjust downward without your having to pay a re-financing fee. few people consider this benefit, but strangely they dont mind paying thousands to refinance because they will "save money" on the monthly payment

of course, variables may not offer the discount to fixed that they used to

It is really tricky to choose what to opt for Variable or Fixed rate for Mortgages. I would recommend you to visit www.mortgagepmi.com as I found it quite useful when I needed detailed information about Private Mortgage Insurance. I am sure you will be able to find more information about your interest and other options available.

Get  a 30 yr or 15 yr fixed rate mortgage.. 

The housing landscape is too uncertain to gamble right now IMO..

Better yet ..... Rent for a year or two .....

Prices will be lower..... IMO

and Remember  LOCATION LOCATION LOCATION

it is true... and it always will be true

Good luck

With peak oil on it's way regardless of slowing demand...the closer you buy to mass trans like DART or other high speed light rail systems, the better off you are.  Prices for properties where people can walk to the station and get to where they need to be will be a premium. I've already found a couple of dumps that I am waiting to pick up at auction if possible. 

I recomend getting a fixed rate mortgage and keeping your payment constant. However, If you decide on an adjustable rate make sure you qualify for the future adjustment rate.

Thomas Martin

Http://www.FHAmortgagePrograms.com

 

Fixed rate mortgages account for seven out of ten new mortgages taken out in Britain, while variable rate discounted or tracker deals make up most of the rest of new home loans, according to the Council of Mortgage lenders

Edited 1 time(s). Last edit at 05/01/2008 07:36AM by geroge.

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