What is better, an ARM or a fixed rate mortgage?
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My monthly premium went up recently because I have an ARM.
The federal reserve is lowering interest rates, are my monthly payments going to go down too?
When the loan will be paid out in 20 years, what kind of mortgage will have paid the lowest total amount of money?
What is better, an ARM or a fixed rate mortgage?1 The FED does not control or really have anything directly to do with your mortgage rate. What they are doing by lowering short term rates could actually raise mortgage rates over a period of time.
2 Which type of loan is best depends on what the future interest rates are. If you believe rates will continue to go up then you are much better off in a fixed rate loan- if you believe rates will stay the same or go down then you are better off with an ARM. None of us really know the future but I am getting fixed rate loans because I think we will see inflation and higher interest rates in the future.
It is impossible to figure out exactly what the total amount of money you will have to pay out on an adjustable rate loan because it will adjust! So we can't do the comparison for you.
What is better, an ARM or a fixed rate mortgage?Get to a fixed!!!!
Personally I strongly dilike ARM loans and feel that they have contributed to the current mortgage crisis and economic slow down.
I've seen fixed rates vary from 5.5% to 7.9%.
What is better, an ARM or a fixed rate mortgage?More Related Questions and Answers ...
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