first time home buyers, Massachusetts MA |
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first time home buyers - Massachusetts MA: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor. Get a rate lock in writing Get a written statement detailing the interest rate, the length of the rate lock, and other particulars about the program. Should I choose a fixed rate or adjustable rate loan? Fixed rate loans have a stated interest rate that does not change over the life of the loan, whereas the rates on adjustable rate loans are linked to an index and change as the index rate changes. Many mortgages, such as a 5-Year Fixed (30 Year), start as a fixed rate loan and then convert to an adjustable rate. Adjustable rate loans have more risk due to the possibility that the interest rate could increase. However, because you are assuming some of the risk the lender will generally reward you with a lower interest rate. These loans are best for borrowers who do not plan on keeping the loan for the full term. Learn more about fixed and adjustable rate mortgages Fixed Rate LoanTypes of Mortgage Lenders |