Thinking of Getting a Mortgage

Are you thinking of getting a mortgage?

Maybe you would like to consider fixed rate mortgages.

Here are three things to note when you are thinking of a getting a fixed rate mortgage:

1. You want to have a more or less exact forecast of your monthly expenses. With fixed rate mortgages it is easier to budget your money because you know exactly if how much you would be spending in your mortgage at least up until the period of your fixed rate deal.

2. When interest rate is not very stable and especially if it has gone up say for several times over a period of time.

3. If you are not considering selling your house or re-mortgaging. If for some reason you have to sell your house before your fixed rate period ends, then you are liable to pay some penalty. If your property valued had appreciated already and you wanted to increase your mortgage loan, some lenders would be happy to keep the original mortgage and consider your additional loan as a separate one, so you don’t have to abort your existing fixed rate mortgage.

If fix rate mortgages suits you then it's indeed a cheap mortgage option.

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