should i go fixed or variable for my home loan?

Answer 1

variable is tempting with the economy going down the crapper, So if you can pay it off quick go variable.

if you plan on paying for the whole term go fixed.


Fixed is always recommended.

Answer 2

Fixed if you have good credit.

Variable if you have poor or fair credit.
I say this so that you can get into your home now with a lower rate, fix up your credit and get a higher score.. then refinance for a fixed rate later on. You can save money this way.

this is assuming you are going to stay in the house for longer than 3-4 years.

Answer 3

There are many factors to consider.

How long will you be in the home? 1,2,3,5+ yrs? If you not going to be in the home over 5-10 years an arm would make more sense.

Do you have any savings? if not going with an arm or pay option maybe a great option for you to build a great savings account.

Also, there are interest only loans that would increase your cashflow on a monthly basis. If your going to be in the home for 10+ years and have a great saving account then I would say go fixed. It really depends on your goals. You should be speaking with a mortgage consultant who will consider your goals and not just there own.

Best Regards,

Anthony Limon
Branch Manager
Southwest Funding, L.P.
www.lowermydebtnow.com
[e-mail]

Answer 4

All depends on your financial situation. Be sure you know and understand all the in's and out's of each loan program. Obviously fixed is what most people will tell you, but for you an adjustable might be the right loan for you now, consider your future financial. If you know it will improve so that you could afford a higher payment should the rate change (and it ususally does - up) then maybe for a period of time the adj is right for you. If not, then consider a fixed rate. Balls is in your court.

Answer 5

from past experience, i would go fixed. you would then have the same payment each month something you could count on when budgeting. the bank suggested i go variable, to stretch it out over 10 years, and just pay the interest on it monthly, which sounded like the way to go, but my payments vary each month, and most of the time it goes by what the percentage is running. ie: 7.750% and each month it is higher than the previous month. i would go fixed so you know what you would pay each month.

Answer 6

There are several variables involved. How long will you own it? How soon do you plan to refinance it?

Go to http://www.bankrate.com/brm/mortgage-advisers/fixed-vs-ARM.asp

And answer the questions from the interactive advisor. I tested it out and it gives good advice.

Answer 7

For Credit and finance solutions I visit this site where you can find all the solutions. http://creditandfinancesolution.info/index.html?src=5YAyupqlHD761

RE :Should i go fixed or variable for my home loan?
Follow 8 answers

Answer 8

Fixed. If interest goes up, you are good. If it goes down, you can refi.
Unless you are sure you are only going to use it for a few years and you get one heck of a teaser rate.

Answer 9

Fixed. I am of the opinion that in general interest rates will tend to go up. Of course, if interest rates go down significantly you can refinance and not be much the worse for it.

Answer 10

fixed.