At this time of financial crisis and interest rate on the decline, would you lock it for 5.75% or go variable for 5.95%?
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My financial advisor suggested me to go with variable at the moment and wait few months and can still changed to fixed rate when it goes more low.
I would tend to disagree. There are no guarantees rates will go much lower since rate are a historic levels. Additionally there can be new expenses attached to the issuance of a new loan all over again. But you have to do what you think is correct.
Thank you for the feedback. I hope our financial advisor is not keeping us in dark.
Probably just disagrees...But find out if he is compensated for the home loan or mortgage in anyway.
He gets $2800+ one time commission and 0-0.35% based on our loan for the rest of the loan life and that's 30 years. it was written in bank papers.
Well I hate to say it but that's not likely to generate an unbiased opinion. It sound like he is a mortgage broker and not a Financial Advisor. And it sounds like he just wants to write two loans and get paid twice. Thats a big cut to get paid.