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The following article was published in our article directory on December 12, 2013.
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Different Mortgage rates and types

Article Category: Real Estate

Author Name: Dan Rawitch

selecting what mortgage rate you will take is a crucial step in influencing if you will be able to fully pay your home loan. If you make a mistake in selecting a mortgage, you might suffer financially in the future. Your home may even be taken from you if you can't properly pay the loan.

1. Fixed interest mortgage loan
- For this kind of loans, the mortgage rates that you will be paying are fixed for a certain period of time. This may scope from 6 months to a couple of years. You can even pay large amounts of money for the repayment, giving you more breathing room financially. Lenders may give you the option to re-negotiate the mortgage rates again or just follow through with the original plan. The advantage to this is you know exactly how much you are going to pay for your loan and you can freely choose the mortgage rates. If the market interest rates are rising, your lender may approve a lower interest rate lock in. The downside, however, is you might miss out on lower rates by floating types of mortgage. This is a good idea for those who can pay consistently.

2. Variable mortgage rates
- This is the exact opposite of fixed interest loans. The lenders will decide how high or low your interest rate will be. This depends on the varying house market rates on your area. Your repayments will depend on the interest rates. It's kind of a risky loan but if you want to take your chances with lower rates then do so, it can reduce your financial burden. But do not forget that mortgage rates may also shoot straight up and it may incapacitate you financially.

3. Mixed variable and fixed mortgage rates
- This is a good idea for those who can organize their income well. They can choose which portion of the repayments will be based upon which type of mortgage rates. If you think you can have a steady income then choose the fixed rate for the first portion and for the later part if your income isn't stable and you want to take your chances, then choose the second part to be a variable rate. Some lenders will give you choices in splitting up more of the portions of the repayments to give you much wider control. Just be sure that you will be able to pay no matter what you choose to avoid conflicts in the future.

Buying a home is no easy task, keeping up with the bills is not a stroll in the park either. Assess your own strengths and weaknesses financially to be able to come up with a viable plan for mortgages. Talk to your lender and discuss how you want your mortgage rates to be set. Don't rush your decisions just so you can finally live in your house. Nobody wants their home suddenly being taken away from them because of mistakes made by poor decision making in the past.

Keywords: Buy a home, first time homebuyer,mortgage,mortgages,learn about mortgages,mortgage rates,Los Angeles mortgage rates,Facts about mortgages,qualify for a mortgage,do I qualify for a mortgage,how to get a home loan,home loans

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