Posted on: 28th Jun, 2005 08:40 pm
i want to go for a long term mortgage as I have to pay off existing debt. So should i choose fixed rate or adjustable rate mortgage?
Hi Carolina,
Welcome to MortgageFit forum.
For a long term loan, you should go for fixed rate mortgage. It offers fixed interest rate and a long period for repaying the mortgage loan. This will help you to pay off your existing debt comfortably along with the monthly payments of your mortgage.
An adjustable mortgage involves a short period for repaying the loan and after some time the lender may charge a higher rate of interest. This may prevent you from repaying your existing debt.
For further reference, go through http://www.mortgagefit.com/frm.html and http://www.mortgagefit.com/arm.html
Please feel free to post any further queries.
Regards,
Sam
Welcome to MortgageFit forum.
For a long term loan, you should go for fixed rate mortgage. It offers fixed interest rate and a long period for repaying the mortgage loan. This will help you to pay off your existing debt comfortably along with the monthly payments of your mortgage.
An adjustable mortgage involves a short period for repaying the loan and after some time the lender may charge a higher rate of interest. This may prevent you from repaying your existing debt.
For further reference, go through http://www.mortgagefit.com/frm.html and http://www.mortgagefit.com/arm.html
Please feel free to post any further queries.
Regards,
Sam