Colli Real Estate

Fix or Variable rate for Mortgage?

Hi,
I am planning my first mortgage.

Definitely fixed rate, 30 year term. If you can comfortably afford the slightly higher payments, go for the 15 year term.

Variable rate mortgage (like interest only) is what got so many people now in foreclosure into trouble in the first place. At least with a fixed rate mortgage, you know that your payment will remain steady for years to come, with no big surprises.

What is an Adjustable Rate Mortgage (ARM)?

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