When shopping for a mortgage lender you will probably come across several terms that are new to you. It is important that you understand what these terms mean for your loan and for your future before you sign on the dotted line.
If you have figured out that you have a budgeted amount of approximately $900 per month to spend on a house payment and will not be able to afford a penny more, you will want to look for a fixed interest rate where you are locked into a set rate for the full term of your loan. A variable interest rate may change from month to month resulting in the possibility of owing more or less each month. This can put your entire home at risk of foreclosure if the interest rates go up and you can’t afford your payments each month.
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