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

April 26, 2017Adjustable mortgage rate right type

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

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With a fixed-rate loan, the principal 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. 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 so you understand your choices.