In this interest rate climate, you want to
discuss fixed rate loans only.
Not exact matches
As
discussed above,
fixed rate personal
loans are generally a good option for those who favor predictable payments through the long term.
As
discussed in detail in the section on Financial Conditions below, there were some small increases in
fixed housing
loan rates, which reflected increased funding costs in financial markets.
While we're here to
discuss your options in greater detail whenever you're ready, here's a quick look at the most common
loan types, which primarily involve a
fixed interest
rate over a long period of time, or a
rate that can change over time.
With low
rates where they are, getting a conventional
fixed rate loan (or
loans in the case of the tactic being
discussed here) is the way to go.
You should learn all you can about the four types of
loans we
discussed above — conventional, government - backed,
fixed - and adjustable -
rate.
As we
discuss later, this might be a reason to refinance
fixed -
rate loans or pay down debts faster than scheduled.
Shorter term
fixed rate mortgages — like two or three years mortgages — are not
discussed here as they all require a qualification
rate check — in other words they are being treated by the regulators as risky as variable
rate loans.
You can
discuss the different types of these
loans in detail with your financial institution, but most come with a
fixed interest
rate and will extend the life of your existing mortgage.
So let's say you bought this property at the asking price and got the same terms as the triplex we
discussed: 5 % down, 5 % interest
rate, 30 year
fixed loan.