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How will I know what my mortgage rate will be if they change all the time?
Wiki User
∙ 12y ago
You will need to get the information from the company your refinacing through. I would imagine that they will let you know before hand. but i would deffinitly contact them once your approve to find out.
Wiki User
∙ 12y ago
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How does a fixed rate mortgage differ from an adjustable rate mortgage?
The interest rate on a fixed rate mortgage does not change over the life of the loan. An adjustable rate mortgage interest rate may change up or down depending on what the interest rates are, at the contracted time the loan is reviewed.
What is a fixed rate mortgage?
A fixed rate mortgage is a loan with an interest rate that does not change over time. Whatever the interest rate is when the loan is taken out, will be the interest rate for the entire duration of the loan.
What is the difference between fix and variable mortgages?
The difference between fixed and variable mortgages are that in a fixed mortgage, the rate can not change. In a variable mortgage, the rate changes with time.
What are the advantages of a cheap fixed rate mortgage?
The advantages to a cheap fixed rate mortgage are that they offer rate and payment security in the sense that the rates or payment will never change especially over a period of time.
Where can someone get a first time mortgage rate?
The best place to look for a first time mortgage rate is a local broker. They often know the ins and outs of your local market as well as recommending a suitable and affordable mortgage to save you time on wasted applications.
How does one know when it is time to refinance their house mortgage?
The best time to refinance your home's mortgage is when you believe that you have paid enough on your current mortgage to try to haggle for a lower rate. Usually several years.
What is the conventional mortgage rate in the UK?
Currently, the average fix-rate mortgage rate in the UK is 3.96% as of May 2013. This mortgage rate sets an all time low for the UK falling below 4% for the first time.
What is the difference between fixed rate and adjustable rate mortgage?
A fixed rate mortgage has its interest rate fixed (ie. stays the same) over the life of the loan. An adjustable rate mortgage (also called variable rate mortgage in Australia) has an interest rate that can be changed at any time by the lender. For example, if central bank interest rates go up then a variable rate loan will usually go up too. If the interest rate is fixed, then the lender can't change the rate even if their funding costs rise.
What is meant by the phrase fixed rate mortgage?
A fixed rate mortgage means that the loan of money will have a predetermined interest rate which will not change for a period of time. The time and rate will be determined by the current market and generally the lowest rate will be for a short time. For example a 1 year fixed rate loan may have an interest rate of 4.19% where as a 3 year loan may have an interest rate of 5.01%. This differs from a floating rate loan where the interest rate can fluctuate over the time taken to pay the loan off.
Where can a person find information on current mortgage rate trends?
Mortgage rate trends can be monitored in real-time on-line at various websites, and can be tracked over time with online sources like Mortgage News Daily. Freddy Mac is another excellent source for tracking mortgage rate trends.
What are capped rate mortgages?
A capped rate mortgage is a mortgage arranged for a set period of time to either go up or down with a variable rate. The mortgage is allowed to fluctuate but cannot surpass a set cap.
What is the interest rate on a Gmac mortgage loan right now?
The interest rate of a Gmac mortgage loan is very variable. Based on the amount of time to pay it, the interest rate and total payout will increase with additional time.
