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Fixed or Adjustable Rate
Mortgages
What to Select?
Home Purchase
Purchasing a new home or
property is one of the biggest
decisions that everyone can face
financially today.
Here are some ideas to be
considered when purchasing a
home and obtaining a mortgage
home loan.
Credit Score/History
Credit Score or History
Obviously, the better your
credit score the more it
will help you to obtain a
mortgage with a much
lower interest rate.
Low/Bad Credit History
However, if your credit score or
history is not good, then don’t
give up, your mortgage broker
will definitely assist you in
finding the most suitable home
loan with the selection of
lenders, who are willing to lend
to you, at a higher interest rate
of course.
Adjustable Rate Mortgages
Types of Mortgages
Fixed Rate MortgagesFixed Rate Mortgages
Types of Mortgages
Adjustable Rate Mortgages
Fixed Rate Mortgages
A fixed rate mortgage is the type of
home loan in which the rate of
interest will remain the same for the
entire term of your home loan,
usually 15 or 30 years.
However the fixed rate mortgage
comes with higher interest rates and
more expensive payments every
month.
Adjustable Rate Mortgages
An adjustable rate mortgage is the
type of home loan in which the rate
of interest can increase or decrease
periodically, meaning your monthly
payment can change either up or
down, as often as once or twice a
year.
Fixed and Adjustable rate loans
Finally, the fixed and adjustable rate
loans are two different financial
options available in the marketplace.
So, when looking for a home loan, it
is important to know its merits and
demerits in advance to avoid
upcoming financial or other
mortgage related issues in the
future.
http://www.457visamortgages.com
Thank You
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