Home Buying in 75904>Question Details

Gina Souto, Home Buyer in Lufkin, TX

How can you tell whether a fixed rate loan or an adjustable rate loan is going to be better for you when buying a house?

Asked by Gina Souto, Lufkin, TX Wed Mar 27, 2013

Help the community by answering this question:

Answers

1
It depends on how long you plan to be in the house. If you are fairly certain you will be moving and selling a property in say 5 to 7 years then an adjustable rate mortgage could save you money. You really need to look at the math and see how much you would be saving against the risk of you not moving and rates being considerably higher at that time.

It's one of those situations only you can access. I will tell you that currently I am originating a very small percentage of adjustable rate mortgages as compared to fixed rate mortgages these days. I'm sure as rates creep up over the next year or two that will change somewhat.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
1 vote Thank Flag Link Thu Mar 28, 2013
Thank you, actually that helps a great deal!
Flag Thu Mar 28, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer