2006-09-15 17:18:02 · 3 answers · asked by r a 1 in Business & Finance ➔ Personal Finance
FIXED is the ONLY way to go. You can always refinance to a lower FIXED rate if rates drop and you qualify for the lower rate, BUT adjustable rate mortgages will bite you on the backside when rates go up.
2006-09-15 17:27:14 · answer #1 · answered by bigrob 5 · 0⤊ 0⤋
9.5%, are you an idiot? You can get a fixed rate for 15 years for less than 6%. Never get an ARM (adjustable rate mort.). The interest rates are coming out of a forthy year low. Where do you think they are heading?
Whoever is trying to sell you this mortgage, go to another broker. This guy is taking you to the cleaners.
2006-09-15 17:29:02 · answer #2 · answered by normobrian 6 · 0⤊ 0⤋
Lets look at this with some degree of intelligence. 9.5% interest rate, you must be joking. You only want a fixed rate loan, as many who have ARMS are finding out with rates that rose and now they are in foreclosure. I suggest you do your homework and shop around for a loan. Check out Lendingtree.com.
2006-09-15 17:28:56 · answer #3 · answered by MadforMAC 7 · 0⤊ 0⤋