Posted on: 29th Nov, 2005 02:34 am
My Cousin has just taken a mortgage and he was telling me something about fixed interest rate. Obviously you get a fair idea about this from the name itself. But I want to know more about it.
Cristine
Cristine
Hi Cristine,
Fixed Interest Rate is an interest rate, which is fixed and does not change during the term of the loan. It is established at the beginning of the loan and remains the same till the last repayment. This rate does not fluctuate with general market conditions. It varies from 6 months to 7 years.
Thanks,
Jill
Fixed Interest Rate is an interest rate, which is fixed and does not change during the term of the loan. It is established at the beginning of the loan and remains the same till the last repayment. This rate does not fluctuate with general market conditions. It varies from 6 months to 7 years.
Thanks,
Jill
Hi,
Fixed interest rate can work for you or against you. For example, if you take a 10 year fixed rate mortgage at 6% and if the standard rate falls down to 4% then you may suffer losses in case you have locked in at the previous rate. But if the rate increases to 8% then you may not have made a better decision in your life then this.
Thanks,
Jerry
Fixed interest rate can work for you or against you. For example, if you take a 10 year fixed rate mortgage at 6% and if the standard rate falls down to 4% then you may suffer losses in case you have locked in at the previous rate. But if the rate increases to 8% then you may not have made a better decision in your life then this.
Thanks,
Jerry
I am not sure if I should consolidate. I will be attending school this year less than part time. Then in the summer of 2007 I will entering a radiology program. So is it better to consolidate now, or wait? If I consolidate now can I consalidate againe in 2009 when I have completed the program?
Hi Melissa,
Welcome to MortgageFit Forums.
You can use a consolidation program either with the same company or with some other company at the same time or even at a later period. Prefer to keep the timeframe for short duration so that you complete it at the earliest.
Once the accounts are updated as paid in your credit report, you won't have problems with your credit while applying for new credit later. Consolidation program does not put any negative impact in the credit file. The accounts will be shown as paid through this program. It is better than leaving the debts in delinquent state.
Remember, these are school loans, it will never run out of the SOL period. You will have to pay it either now or later. Talk with the companies if they can offer some arrangements because you are willing to pay the debts and improve your credit.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
You can use a consolidation program either with the same company or with some other company at the same time or even at a later period. Prefer to keep the timeframe for short duration so that you complete it at the earliest.
Once the accounts are updated as paid in your credit report, you won't have problems with your credit while applying for new credit later. Consolidation program does not put any negative impact in the credit file. The accounts will be shown as paid through this program. It is better than leaving the debts in delinquent state.
Remember, these are school loans, it will never run out of the SOL period. You will have to pay it either now or later. Talk with the companies if they can offer some arrangements because you are willing to pay the debts and improve your credit.
God bless you.
For MortgageFit,
Samantha
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