Fixed Rate Or Flexible Rate Mortgage
I like to discuss with friends what kind of Mortgage had their selected for their house. I always want to understand why they picked the particular mortgage and what their reasons was. Recently, a friend told me she would apply a fixed-rate mortgage for her new home. I am somewhat curious why she selected a fixed rate mortgage. I have no experience in dealing with fixed rate mortgage, I wonder how much could it save for her.
According to her, she has selected the fixed-rate mortgage is because she has investigate her husband and wife’s income for the next 10 years. Since both of them is employee and has no plan to change job or start their own business. She forecast that they would have a fixed month income and would not have others extra. Therefore, she prefers to take a mortgage with fixed amount installment, so that she could plan other expenses without worry about increase of the installment amount.
I think she is right, she needs a fixed installment amount to secure the flow of interest rate while I need a flexible rate mortgage plan is because my husband sometimes could get a huge amount from business, and I could dump it into the mortgage to save interests and shorten the mortgage terms.
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