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Fixed rate mortgages ? the name says it all. You get a fixed rate that stays the same for the life of the loan, usually 15 or 30 years. Although your interest rate will be a little higher than with an ARM, you will know exactly how much you'll pay per month for a few decades. If you love stability, this loan is probably for you. Also when interest rates are low, this is the loan that lets you cash in for years to come.


ARMs cheap air max 270 , on the other hand, are anything but stable. These loans generally have a lower initial interest rate than fixed rate loans (usually around 2% less). This initial teaser rate usually lasts anywhere from 1 to 10 years. You'll know it's an ARM when you see 31, 51, 101; respectively, these are 3, 5, and 10 year fixed rates. After the set time cheap air max 95 , the rate varies based on a standard, usually the Treasury Bond rate. The rate can change monthly or yearly, but yearly changes usually work out best for the consumer.


Although we're not going to talk about them here, there are several types of hybrid loans that can give you the best of both worlds. To find out more about those, check out this article from The Motley Fool, ?Your Choice of Mortgage: Basics and Variations.?


Let's Look at Your Answers


Now that we're through with the basics, let's talk about your answers. These are the most important questions you need to answer before shopping for a house. Did you catch that? Not before you look for a lender. Not before you hear what your monthly payment will be. Before you shop. Otherwise cheap air max 97 , you may want a house so badly that you'll be willing to do anything to get it. These answers will not only help you decide on a loan, but they'll also help you choose a home.


Time in the Home


How long do you expect to stay in the home? Five, ten, twenty years? If you plan to stay in the home more than ten years and interest rates are low, you want to choose a fixed rate loan. The payment will be lower, and you can budget for the next thirty years, though it's really more practical to choose a 15 year loan and save yourself thousands in interest.


If you answered ten or fewer years cheap air max 90 , you may want to choose an ARM. Generally, ARMs are available up to 101, which means that you pay the fixed rate for 10 years and then it becomes adjustable. The good news is that if you move before those ten years are up, then you will have saved money. If you discover you'll be in the house longer, refinance when interest rates are low so that you can get a fixed rate loan. Also, if you can find a reasonable 101 and rates are high, you should probably take it since rates will probably fall within the next 10 years.


Monthly Payment


This is the single most important issue when purchasing a home. If you can't afford the monthly payment now cheap nike air max shoes , then don't assume you'll be able to afford it later. Before shopping, decide how much you can pay and commit to sticking with that number no matter what.


If interest rates are low, lock into the savings with a fixed rate loan. If rates are extremely high, try to get a 51 or preferably a 101 ARM. When rates drop in that five to ten year span, refinance at a fixed rate.


ARMs have a cap on the rate, so before purchasing a home, calculate the highest possible monthly payment based on the cap and decide whether you could make the payment if rates went up. If not cheap nike air max , you'll need to hope for low rates so that you can refinance or simply choose a fixed rate loan.


The Bottom Line


The bottom line is to get the best deal you can right now and for the next ten years. Interest rates make a full swing about every decade. If you can save money with a 101 and you are pretty sure rates will drop during the first ten years, go ahead, choose the ARM, and refinance when rates are low. Remember to stay within your budget no matter what, and be prepared to refinance someday if you really esale.com/]cheap air max shoes[/url] , U.S.) said in a press release that Baja Broadband (Alamogordo, New Mexico) generated annual revenues of $82.4 million last year, has approximately 285 employees, and focuses on residential and commercial broadband services in Colorado, New Mexico, Texas and Utah.
The purchase price is subjected to working capital and other adjustments. Regulatory approvals are still pending as the transaction is expected to close by the third quarter of 2013.

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