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|Variable Rate vs. Fixed Rate|
|An adjustable rate mortgage (ARM) or variable rate mortgage and a fixed rate mortgage
(FRM) are two
very common types of loans given for houses. In general,
variable rates tend to be the preferred choice of people who are
planning on purchasing a home, then moving to a new house after
a few years and selling that first house.
Conversely, fixed rate mortgages tend to be preferred by families and homeowners who are purchasing a house to live there for many years and raise their family in that home.
Clearly both have their advantages and disadvantages, but if you know why you are purchasing a house, the decision will be easier for you to make.
The reason why people prefer a variable rate mortgage if they are planning on selling and moving from that house in a few years is because variable rates tend to offer lower fixed interest rates for the first few years of the mortgage. However, variable rates are unstable and can grow to increase in time depending on numerous factors including the global economy. This is exactly why homeowners who plan on living in their house for many years like fixed mortgage rates, because they are fixed and stable regardless of what happens in the world economy.
It is generally easier to get approval for a variable rate mortgage because the payments are more flexible and lower. It is also worth noting that caps can be placed upon variable rates to limit the amount of increase in payments per adjustments.
Find the best available mortgage rate for your home here. Browse lenders in your area, your city and state or province. Find the top local mortgage rates offered in your area and get the best deals for your house mortgage. Use our FREE mortgage calculators, browse listings, top prices, find the right interest rates for your budget and your needs. Here online at House Mortgage Rates .com you have all the tools, insider tips and secrets to find the perfect mortgage for your home. It doesn’t matter if you’re looking for a first mortgage, a mortgage refinance, a variable rate, fixed rate, home line of credit or home equity lines of credit, loan rates, mortgage calculators, current interest rates or whatnot, you’ve come to the right place. Ask our staff, comment on our forums or simply browse our site to find the right information for you.
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Is now a Good Time for Mortgages? Deciding on taking out a mortgage can be a tough
decision, especially because it often concerns hundreds of
thousands of dollars and even more thousands in interest rates.
Essentially, a smart mortgage is about minimizing the overall
interest you will have to pay on your mortgage while
simultaneously minimizing the length of the mortgage, basically
it’s about finding the perfect balance for you.
Of course whether or not it’s a good time or not for a mortgage depends on the location of the house and your goals. You could be interested in a home mortgage because you are a first time buyer and don’t have the funds to pay off the house you’d like to purchase for yourself and your family. Conversely, you may be interested in purchasing a second property to rent out, in which case you may also need to consider a mortgage refinance on your personal home of residence, or take out a second mortgage. You may need a second mortgage now, but in the long run owning two properties can be much more beneficial for you.
All these factors combine to determine whether it is a good time for a house mortgage or not, but most important is your location, the national bank rates in your country, and the global economy.
At the moment, in general, if you live in the United States there are many States and cities in which now you can get great mortgage deals from a variety of banks and lenders offering low rates and many choices. If you live in Canada, it is without question a great time now to take out a house mortgage rate.
Browse our website for more information and specific best rates available in your local areas.