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It really depends on how high rates are at the time you are applying for a mortgage. If rates are high you will want to go for an adjustable rate mortgage because this way you'll have the chance to lock in at a lower rate in the future. If rates are low when you apply for a mortgage you'll want to get a fixed rate plan that will let you take advantage of that low rate for the entirity of your loan. |
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Sometimes you won't get a choice between the two. Often the type of plan you are offered by a lender will depend on your credit history. Better credit=better rate. |
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It depends on your financial situation and the market. |
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A lot of people only see what banks are advertising and customers are not being told about what happens if the prime rate increase<> you need to speak with a mortgage rep that will take the time to go through your personal financing and ask the hard questions( due you have kid or are you thinking of haveing them) Big life chnages can have a major impact on your pay cheque! I advise you to speak with a trusted mortgage pro! |
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