Home Buying Tips Tip#3

Fixed rate vs. variable rate Mortgages?  Which one should you choose?  If this home is yours for a short time, then a variable rate may be the best type of loan for you.  If this is a long-term purchase, then perhaps the fixed rate is better.  In any case, you must thoroughly review the closing costs of each loan application.  Such costs vary from lender to lender-from $1200 to $4,600 for the same priced home.  Your REALTOR can help you evaluate lender proposals.   

Sent to you courtesy of Sandy Tower, Broker Associate

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