Holden Lewis
speaker
125 appearances
1 recordings
1 series
first heard Apr 2023
last heard Apr 2023
Holden Lewis’s voice in public audio — every appearance, attributed to the second.
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Appearances
When you are getting a mortgage, you're definitely not committed to that national average.
A lot of bank websites will allow you to browse the different types of mortgages that are offered and the rates that they're offering.
And real estate agents will often offer referrals to local lenders too.
There are two main types of mortgages.
There's the fixed rate mortgage and then adjustable rate mortgages.
And
North of 90% of borrowers get fixed rate loans.
So, you know, what that means is you're paying the same interest rate over the life of the loan.
Usually that's 30 years.
And so your monthly payments stay about the same.
With an adjustable rate mortgage, the interest rate stays the same for the first few years, usually five.
And then after that, the interest rate can go up and down every six months.
So those are the two main types of mortgages.
Deciding on whether to get a fixed-rate mortgage or an adjustable, which is also called an arm, it's really an issue of personal temperament.
You or I might prefer to avoid the risk.
of our mortgage payments rising along with the interest rates.
But a lot of gamblers are out there, you know, and they prefer to get the lower payments now on an arm with the possibility that rates and payments could drop in a few years.
And in the meantime, those folks are saving money.
One of the advantages of an adjustable rate mortgage or arm is that
the initial interest rate is lower than what you can get on a fixed rate mortgage.
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