Tuesday, August 13, 2013

America Loves the 30 Year Fixed Mortgage....Or Do We?

We've had it around forever. We left it a few years ago....and look what happened. We better start showing it some love again as it's likely to be the best bet for our lifetime.

Realtor.org has a blog section. Helps me to go to one place and find lots of interesting information to share with my own blog readers. That, plus about 8 other Realtor/Real Estate/Mortgage sites keeps me pretty informed.

Today was reading about the 30 year fixed mortgage. When money was cheap, we took another lover on....the Adjustable Rate Mortgage (ARM), as we could get money even cheaper.

Again, look where that got us...all that cheap money. Just like a cheap whore....a lifetime of trouble, if not dealt with carefully.

Now, interest rates have been extremely low for several years. They will go up, we all know this. Those with ARM's will possibly wish they had a lovely pure 30 year fixed. Those with a 30 year fixed that originated in the last couple of years are likely quite happy.

The 30 year fixed is a great loan....because....it's fixed, you always know what you're getting when falling in love with her.

No comments: