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Adjustable vs. Fixed Rate

There are many important choices consumers are faced with when going through the home buying process. One big decision is what type of mortgage loan to take out. With all the different loan products out there, even more experienced consumers might be wondering where they can get some reliable advice.

A licensed mortgage broker can help you look at the options available and make the decision that fits best with your family’s needs. Because he or she is experienced in matching consumers with reputable lenders who are likely to give them the best deal, a mortgage broker knows what factors to consider when deciding between a fixed rate and an adjustable rate mortgage loan.

Your licensed mortgage broker will explain how adjustable rate monthly loan payments can change at specific periods throughout the life of the loan, and how these changes are “pegged” to the interest rate of a certain index. He or she can work with you to factor in considerations such as how long you plan to live in the home and what your tax situation is. After reviewing your situation, you and your broker may decide that a fixed rate loan, with payments that remain the same, is the best way to go.

Knowing that their choices are based on input from someone whose business it is to know the industry gives consumer a level of comfort that makes the loan process easier. Remember, a good mortgage broker will never pressure you into make a decision; rather, he or she will guide you and provide you with the information you need to feel confident in your own choice, and know that you’re getting the maximum benefit from your loan type.

 
 
     
   
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