Updated over 17 years ago on . Most recent reply
Adjustable vs. Fixed Rate
Over the yrs I've heard many people say if you're investing for the long-term, get a fixed rate mortgage. Twenty yrs ago I didn't qualify for a fixed rate mortgage and the best I could do was an adjustable. I'm not talking one of these new fangled "coffee" loans that were available with a teaser rate; a standard adjustable. I never refinanced the loan over 20 yrs and I've never seen a big fluctation at adjustment.
Unfortunately after refinancing my home to pay off the dead beat dad I was faced with the same dilemma and only qualified for an adj mortgage. I'm set to adjust at end of 2009. I plan on keeping the house for another 5 yrs and then selling it. Once again everyone has been putting the fear in me to refinance to a fixed rate or else!!!!. Any advice would be most appreciated.