26
The cheapest mortgage rate I can get today is 9.13% which is insane. What's the lowest rate you can get?
(media.kbin.social)
this post was submitted on 30 Jun 2023
26 points (100.0% liked)
Moving to: m/AskMbin!
1325 readers
1 users here now
### We are moving! **Join us in our new journey as we take a new direction towards the future for this community at mbin, find our new community here and read this post to know more about why we are moving. Thank you and we hope to see you there!**
founded 1 year ago
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
@Mateng
@briefingWizard936
Loan term refers to the total life of the loan. A 10 year term would mean you could pay off the loan in 10 years through making minimum payments.
Are you referring to an adjustable rate mortgage (ARM)? That’s what’s they’re called in the USA. ARMs haven’t made a lot of sense in most cases as of late.
What does lending look like there? Do you all do 30 year mortgages too? Do you have an option for a fixed rate mortgage?
No, what I meant was a fixed interest rate over 10 years (German: Zinsbindung). The loan is over ~30 years.
After 10 years, we can decide if we change the lender or stay with them. The lender can decide on a new interest rate.