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Fixed vs. Adjustable Rates

If you need a lower payment to be able buy a home, then an adjustable loan could work for you,

as long as you are given a complete picture of where the loan will be in a short time (rate and payment).

If the market is in a stable interest rate situation, you would consider a hybrid fixed and adjustable combination

where the loan term is fixed for 3, 5 or 7 years and then adjusts, when you plan to stay in the home for a short time.

If you plan on living in your home for a longer term, a fixed rate mortgage would be the choice.

Advantages of a Fixed Rate

  • Monthly payments are fixed over the life of your loan
  • Interest rate does not change
  • You are protected if rates go up
  • Can refinance if rates go down

Disadvantages of a Fixed Rate

  • Higher mortgage payments
  • Can't qualify for as large a loan

 

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Advantages of an Adjustable Rate

  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts

Disadvantages of an Adjustable Rate

  • More risk than fixed
  • Payments, more often than not, will increase over time
  • Potential for much higher payments if rates go up

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