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One of the largest purchases that a person will make is investing in a home. When the size of a home loan is being negotiated the type of interest rate that you choose will play a huge factor in your final payment. The benefits of a fixed rate mortgage are that whether the economy rises or falls, your mortgage payment will not change. This is not true of the variable rate, which can change a mortgage significantly when the interest rate is double or tripled after a specified number of years.
Whether you are buying your very first home, vacation home or, investment property, you will be faced with many decisions now more than ever. The industry as we know it has changed dramatically, and with that, how the financial institutions determines your eligibility to qualify for a mortgage.
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