Are Flexable Mortgages Good Idea?
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cody
Apprentice
Joined: 28 May 2004
Posts: 3
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 Posted: 01/30/08 - 07:55 Post subject: |
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| I have recently decided I need to get a mortgage. I have two options now. I can either take one with fixed rates, or the one with flexible rates. I can get a better deal if I take the latter option, but I do not know whether it is such a good idea. I am not so experienced with that kind of deals so if anyone could give me any suggestion, it would be great. Thanks in advance. |
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lefty
Apprentice
Joined: 12 Feb 2006
Posts: 5
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| Posted: 02/28/08 - 23:28 Post subject: |
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| Dealing with mortgages always puts you up before a lot of very important questions. If you get a good deal, everything will work well for you in the future, while a bad deal can lead to a disaster. When choosing between fixed and flexible mortgages, the question is about a risk. Fixed mortgages mean a greater risk for the lender, so he charges you more money to secure himself. On the other hand you are the one bearing the risk in flexible mortgages. For example, you could be faced with large increase in monthly rates depending on the condition of national economy. That is why you will have to pay less altogether, but monthly rates will be much lower, at least for some time. If you have secure job and incomes (and considerable income for that matter), I suggest you go with flexible mortgage. Best of luck. |
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