I have my house mortage finance with non-flexible "APR" and people of Country Wide said, it dosen"t matter if the goverment drops the ""APR" becouse mine mortege is non-flexible and will countinue to be the same for ever. Some bady know if this is true...................????????????????
2007-10-24 07:36:36 · 3 answers · asked by azn 1 in Business & Finance ➔ Credit
You have a fixed rate, so that means when the rates go up your loan will not change and they will not go down. I perfer the fixed rate because I know what my payment will be each month.
When the rates do go down you can look into re financeing your mortage when the rates go down. Depending on the rate you might be able to save some money each month, but make sure the savings will off set any closeing costs you might have.
2007-10-24 07:47:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you have a fixed rate mortgage then the rate will not change throughout the life of the loan. That's what you want, actually, since rates are much more likely to rise in the near to mid term than fall.
2007-10-24 08:07:51 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you have whats called a fixed rate and it sounds like you do, then they are correct.
2007-10-24 07:46:52 · answer #3 · answered by ? 7 · 2⤊ 0⤋