Do you have an ARM or fixed rate mortgage?
royal_crown78 asked:
And have you had an increase in your mortgage payments due to an ARM?
If you are planning on purchasing a home in the future, would you prefer an ARM or a fixed rate?
Andrew
And have you had an increase in your mortgage payments due to an ARM?
If you are planning on purchasing a home in the future, would you prefer an ARM or a fixed rate?
Andrew
Tags: Fixed Mortgage, Fixed Rate Mortgage, Mortgage Payments
March 10th, 2009 at 10:57 am
Ryan
I would suggest an interest only loan. The rate would be fixed anywhere from 7 - 10 years.
March 11th, 2009 at 2:20 am
Elsie
I would totally use fixed rate mortgage now. For two reasons:
1. Fixed rate mortgage has similar rate as ARM. I think there is only 0.25 to 0.5% difference after fee.
2. Rate for fixed rate mortgage is near all time low. Last year was 5.7%. Now is only 6.5%.
March 12th, 2009 at 9:08 pm
Annie
Too Expensive is right. I have both arms and fixed on my properties. You need to go with a 30 year fixed or a 30 year fixed interest only. The pricing on these is the same as the arms are right now and has been for about 6 months. For example you can get a 5 year arm and a 30 year fixed for the same price.
These are good websites for questions on mortgages:
March 15th, 2009 at 4:52 am
Leonard
I would go for the 30 year fixed rate mortgage. The difference in rates between a 30 year fixed and an ARM is .50%. With the fixed rate you’re locked in with yor interest rate. If rates go down, you can always refinance. Going with the ARM, rates have been going up, so why risk it?
Take the 30 year fixed and sleep well.
March 16th, 2009 at 10:52 am
Deborah
I’d take a 7-10 year interest only ARM
you people saying 30 year fixes are idiots who have no idea what you’re talking about.