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What is the right type of mortgage for me – a fixed rate or adjustable rate?

April 26, 2017Adjustable fixed mortgage rate right type

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What is the right type of mortgage for me – a fixed rate or adjustable rate?

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With a Fixed Rate Loan, the Principle and Interest portion of your payment will always remain the same for the life of the loan. With an Adjustable Rate Loan, the Principal and Interest portion of your payment will change periodically depending on whether interest rates are increasing or decreasing. Fixed rate mortgages are the most common type selected by borrowers. Most borrowers like the stability of a fixed principal and interest (P&I) payment when planning their budget. Your Loan Officer can explain the products available and help you select the one that is best for you.