It all depends on your situation. Before you decide, take a look at the top reasons for getting a fixed-rate mortgage over a variable rate option.
Fixed-rates give you greater confidence that you can make your mortgage payments since they are predictable. Economic shifts have no impact whatsoever on how much you pay.
With a fixed-rate home loan, the interest rate on your loan remains the same for an agreed period -- the most common of which are 30, 20, and 15 years.
Since your interest rates remain the same over time, a fixed-rate mortgage allows you to budget the rest of your finances.
TEXAS RESIDENTS: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A
MORTGAGE COMPANY OR RESIDENTIAL MORTGAGE LOAN ORIGINATOR
LICENSED IN TEXAS SHOULD SEND A COMPLETED COMPLAINT FORM TO THE
DEPARTMENT OF SAVINGS AND MORTGAGE LENDING (SML): 2601 N. LAMAR
BLVD., SUITE 201, AUSTIN, TEXAS 78705; TEL: 1-877-276-5550. INFORMATION AND
FORMS ARE AVAILABLE ON SML'S WEBSITE: SML.TEXAS.GOV.
