Archive for the ‘fixed rate mortgages’ tag
Fixed Rate Mortgages
What happens when your fixed rate mortgage has expired?
I'm shopping for a mortgage, but I dont understand what is happening when the first two years of fixed rate term expires. Could you move the loan to another bank and get another fixed rate?
When most people call something a fixed rate mortgage they mean a fixed rate fully depreciated Mortgages. What you need is a mortgage that the rate was fixed for a period and then it's either balloons (you need to pay the balance by cash or by getting a new loan or second place), or the interest rate adjusts. Whatever you need to find out what your loan will do. You should not get a loan that you do not understand. I would stick with fixed rate fully amortized loan and I will stick to the local loan officers that I can talk face to face with. A lot of very intelligent people have been fooled by mortgage loan officers, they only met over the Internet. Although it is a large well known company I will only deal with a local loan officer.