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vs. Fixed Rates
you know that the average length of home ownership
in the US is only six years? This means that
over the course of 30 years, the average person
will have 5 separate mortgages!
this in mind, and with interest rates at all
time lows, there has been an emerging refinancing
trend toward adjustable rate loans. Since adjustable
rate loans are usually most advantageous in
the short term (3-5 years), and since the average
length of home ownership is only 6 years, adjustable
rate loans are a smart strategic move at this
point in time.
the other hand, if you are planning to live
in your present home for the next 30 years,
or if you are risk adverse, you may want to
consider a fixed rate mortgage, but keep in
mind that even refinancing an existing fixed
rate mortgage by as little as 0.5% can literally
save you thousands of dollars over the life
of your loan.