2007-01-26 23:56:44 · 5 answers · asked by Aaron K 1 in Business & Finance ➔ Personal Finance
you would be better getting the 30 year fixed. the variable is a teaser rate of 7.32 and will go up. If the democrats get in the presidency then look for your rate if vairable to go through the roof.
2007-01-27 00:02:53 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Fixed, always fixed. Variable rate will go up no matter who is in Washington, what time it is, where you live or if you are a purple dinosaur.
I actually suggest a 15 yr fixed, for a couple hundred more a month you will build more equity faster. Use this calculator:http://ray.met.fsu.edu/~bret/amortize.html to see the difference.
2007-01-27 01:09:37 · answer #2 · answered by mldjay 5 · 1⤊ 0⤋
If we knew the answer, we could become rich buying and selling interest rate futures.
Personally, I prefer the security of a fixed rate. I've had 3 mortgages (bought house and 2 re-fis). I would have spent less on the adjustable option on the first 2 mortgages. Jury still out on the 3rd.
2007-01-27 06:25:22 · answer #3 · answered by Quixotic 3 · 0⤊ 0⤋
Fixed.
2007-01-27 00:03:58 · answer #4 · answered by supertop 7 · 1⤊ 0⤋
fixed 30 years, i have friends who did variable and there payment just go up and up.... now they are having a hard time refinancing.
2007-01-27 01:51:33 · answer #5 · answered by fleshy queen 3 · 0⤊ 0⤋