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First of all, there fixed cost refers to the interest rate. In the mortgage world there are two types of interest rates. There are fixed rate and flexible rates. Fixed rates stay the same for the life of [url=http://www.mansmanifesto.com]www.mansmanifesto.com[/url] the loan. The home buyer locks into the current interest rate that id offered when they sign the loan agreement. A [url=http://www.lcdmo.com/hollister.php]hollister france[/url] flexible cost mortgage has a mortgage fee that changes.
With a fixed rate [url=http://www.seattlesoycandles.com]hollister[/url] mortgage the home buyer has the benefit of having a mortgage payment that will be the same every month for the life of the loan. They will also know [url=http://www.vivid-host.com/barbour.htm]barbour uk outlet[/url] exactly the amount they are going to pay.
With a flexible cost mortgage the home buyer will have different payments each month as the interest rate goes up and down. They will not know the total amount of their loan overall nor will they know [url=http://www.rtnagel.com/louboutin.php]louboutin[/url] how much they owe each month beforehand.
Now the term fixed fee can apply to different types of loans. A first time home buyer loan, for example, can be a fixed cost loan. Any loan [url=http://www.lcdmo.com/hollister.php]hollister co france[/url] except a flexible rate loan can be a fixed rate loan. This is [url=http://www.getconversational.com]hollister france[/url] important for a home buyer to understand so they do not get [url=http://www.seattlesoycandles.com]hollister france[/url] confused or otherwise tricked by a lender.
Additionally, a fixed cost loan can be a bad choice if the market is currently in a trend where interest rates are dropping. If a home buyer is buying a home during a market like this their better choice would be to get a flexible fee loan and [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] then lock in once interest rate bottom [url=http://www.gotprintsigns.com/hollisterpascher/]hollister france[/url] out.
A flexible cost loan can often be changed to a fixed rate, but it is very hard to switch a fixed rate to a flexible rate. The reason for this is that with a fixed rate the bank knows what they are earning and they like it when the interest rate of the fixed loan is higher then the current rate because they are making more money off it. To change a fixed rate loan [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] to get a different interest rate would require a refinancing of the mortgage.
A fixed cost remortgage can be a good idea, but it can also be a bad choice. It is up the home buyer to know what to watch out for and to make sure they are making the best decision possible. The home buyer is going to be the one paying for their decision in the end. The lender may be willing to explain the options, but they are not likely to push a buyer into choosing the cheaper option. They simply sit back and let the home buyer decide.
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