What is better, an ARM or a fixed rate mortgage?
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ARM (Adjustable Rate Mortgage) financing is extremely volatile and has contributed to the current housing market fiasco.
Only accept a fixed-rate mortgage where the interest rate is locked.
What is better, an ARM or a fixed rate mortgage?Get a fixed rate mortgage. No surprises.
What is better, an ARM or a fixed rate mortgage?I would always go with a fixed rate as long as rates are less than 9% today they are at 6.125, get the fixed eventually that ARM is going to really raise
they talk people into them cause the commisions are way better and they know that you will have to refinance, often before you make much dent in the principal at all, since the first five years like 90% of it goes to interest.
What is better, an ARM or a fixed rate mortgage?Fixed. you never want to get and adjustable rate because the rate could skyrocket and you can be left with a very high mortage payment.
What is better, an ARM or a fixed rate mortgage?The interest rate reduction is not going to be seen by us until the economy is totally in the crapper, still travelin gthere currently. The rate cuts were done to save the banks because they are hurting badly and losing money. Remember the gov does not care about us people we individually do not have enough money to make things happen or break them. The only MTG that you will pay low interest is one you pay off early. First get a fixed rate MTG and then everty month put an extra $50 dollars against your premium that way you will reduce the interest on the back end of your loan. Yes that's right you will not see the interest savings until you pay it off. I personally pay them off ASAP otherwise you end up paying double or triple for the property.
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