Adjustable Rate Mortgages Fixed Rate
by Dennis W. from Hayward, California, USA
Ask Kate which is the better way to finance a house, adjustable rate mortgages or fixed rate loans: Hi Kate, I'm unsure which would be best for me, adjustable or fixed. The dilemma is that I'm retiring in less than a year. I owe 137k. My monthly house payments are $2850. I plan to sell my home ASAP but don't want to give away the house to the awful economy.
Dennis W. continues...
A 7 year adjustable rate mortgage at 3.25% will give me a payment of $604 for the first 7 years. But I'm not sure if the price of homes will go up in time.
Kate Answers: Adjustable Rate Mortgages or Fixed Rate, which is the best home loan
Dear Dennis, I'm not a financial analyst. So while I can't give you specific advice, here's what I can do!
Let me point you to some brain food!
Kick these ideas around and when you contact your CPA or financial analyst, you'll already have some questions you want to ask.
Adjustable Rate Mortgages or Fixed Rate, which is the best home loan?
Start here for my little secrets:
- How to get low monthly house payments yet pay your mortgage down as quickly as you like. Best Fixed Rate Mortgage Tips, aka Can you have your cake and eat it too?
- Wanted! Fixed Rate Interest Only Mortgage Loans - OK, maybe you think you won't benefit from this. But just in case, listen to my story of the missionaries bringing their children back to the US before deciding.
- Now here's a challenge for you, Dennis. Count on one hand the homeowners you've known to pay off a mortgage. Keep that in mind as you read Cheapest Fixed Rate Mortgages.
- Everyone is asking if were we wrong to think that ARMS were any good! I say there's rarely been a product like adjustable rate mortgages so consistently misunderstood. After all, it's about picking the right tool for the job and avoiding adjustable rate mortgage surprise.
- I'd be remiss if I didn't mention the 30 year fixed rate mortgage. While some might regard Old Faithful as boring, seems to me that recently we've had about as much mortgage excitement as we need.
So there you go, Dennis. Food for thought! But one more thing. I'd like to hear back from you. Let me know if this page was helpful to you.Comment here
or Ask Kate another question
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