Refinance What experts say
If you are a first time home buyer, understanding the kinds of home mortgage available to you may be difficult. Here is an explanation of the two basic types of home mortgage, adjustable rate and fixed rate mortgages. The interest rate and monthly payment amount for fixed rate mortgages do not change over the course of the loan. Whatever the rate when you close the loan, that is the rate you will have until you sell the property, refinance, or pay off the home mortgage completely. You pay a premium for the certainty of a fixed payment since lenders usually charge slightly higher interest rates for a fixed rate home mortgage.