How to Get approval for Fixed Rate Mortgage with Adjustable Monthly Payments

PITTSFIELD, Mass. - May 31, 2013 - PRLog -- Last year however my mortgage bills went up suddenly. I guess I hadn't anticipated those first few years to go by so fast, and my income hadn't improved as dramatically as I thought it would. Within a matter of a couple months I was becoming worried I might not be able to maintain ownership of my home.

Luckily I had been in good standing with my mortgage lender, had a good history of making payments on time, and had been openly communicating everything I was going through financially with them up to that point. Together with the help of a local real estate agency we were able to negotiate to a low fixed rate mortgage. Now I have mortgage payments I know will never change, and a far more predictable financial future. Here are some things you should know about adjustable and fixed rate mortgage loans.

Get Free Consultation For Knowing Which Type Of Mortgage Suits You The Most!http://www.real-estate-yogi.com/Consultancy_form.html

1) Adjustable rate mortgages are great for certain people because the initial payments are very low. People who choose adjustable interest rates know however that after a set amount of time the interest rates will increase annually.

2) Fixed rate mortgages are more common in the United States and are popular because the interest rates stay the same throughout the life of the loan. So no matter what happens in your life or around your home, your monthly mortgage payments will never go up as long as you make your payments on time.

3) Choosing one over the other is really a decision based on your current finances and where you see yourself in ten or twenty year’s time. You can switch between the two options after a few years sometimes, so keep this in mind.

Why People Choose Adjustable Rates

Sometimes a potential buyer looks at a certain home as a temporary investment which they will flip in a few years time. They often will choose to start with an adjustable rate mortgage because there are great savings at the beginning of the loan. Depending on the lender the interest rates will go up after 3, 5 or 7 years time. These terms can be negotiated. Many savvy financial investors do very well using adjustable rate mortgages. They are the most common kind of mortgage found in Europe, and if you anticipate your income going up over the next few years there are great savings here.

Click Here To Get More Information On Adjustable Rate Mortgage Rates! http://www.real-estate-yogi.com/hm-adjustable-rate-mortgages.html

The Fixed Rate Mortgage

Fixed rate mortgages are more common in the United States and people generally like them because they stable. The payments you make each month will be the same ten years from now as they are today. Presently the market for fixed rate mortgages is great. Interest rates are low and you can find incredible deals that will save you thousands over the life of the loan. I am happy I am working with a fixed rate loan. In a few years I intend to explore home equity line of credit interest rates and maybe make some green improvements on my house.

I found great advice and help through www.real-estate-yogi.com. They have access to realtors and agencies around the country and are available for free consultations when you call 1-800-987-1397.