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Ol^cEstate
Eileen M. Duu w*itw
FIXED OR
ADJUSTABLE
MORTGAGE?
There was a time when the pundits claimed that the fixed mortgage was extinct. The pundits were wrong. If one thing is certain it is that future mortgage financing and interest rates are unpredictable.
Lenders are now offering fixed rate mortgages and more competitive interest rates. However, the popular adjustable rate mortgage is still with us and probably always will be It may still be a good option for many.
With the adjustable rate mortgage, the borrower shares the risk of fluctuating interest rates with the lender Obviously, the lender prefers this option. In order to make this shared risk partnership workable, the lender must offer the borrower a premium. The premium for choosing an adjustable mortgage should be somewhere between one and three points below the fixed rate mortgage rate.
Over 70% of buyers, given the choice between fixed or adjustable mortgage, choose the fixed rate. However, you should consider all options.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 675-3400. We’re here to help
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