Britons would rather take out a fixed-rate Mortgages than other products when making an investment in property, a survey has shown. That means more Britons want to have fixed rate. We have got fixed rate on our condo, it is more conservative. I guess that is why the Britons like to get the fixed rate. I do not understand why people likes to use the interest only, it is just a teaser, the money you do not pay in the first 2 years you have to pay in later years. Maybe not everyone is good at math so that the Morgagee could trick so many borrowers. This is one of the reasons for the sub prime loan crisis in America. I bet if you do a pool in America, the result will be different than the Britons.
Even you get fixed rate mortgage you could still refinance if the rate is getting better, maybe this is another reason that the Britons are getting the fixed rate, it will protect you when the rate is going up at the same time if the rate is going down, you just have to come out of it and try to get a new rate. We just did our refinance last month and right now our current monthly mortgage is $200 less than the prior ones. We are very happy to see this result.
Posted on February 22nd, 2008 | filed under Uncategorized | Trackback |
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