Mortgages Explained

There are 4 main mortgage programs available on the market today, fixed rate, adjustable rate, interest only, and option arms. In order to understand how these mortgages can affect you lets take a look at how they work. Lets start with a fixed rate mortgage. This mortgage is by far the safest mortgage for most homeowners with rates as low as they are today. You never have to worry about your interest rate increasing your payments and as years go by you are paying down the principle on your mortgage. A fixed rate is key if you plan on staying in your home for years to come. You can always take out a second mortgage to payoff credit cards, get cash out or whatever your needs may be. An adjustable rate mortgage in today’s market is a good decision if you can not get a View the rest of this article