Slide background
Award Winning Real Estate Services for Buyers & Sellers
in Randolph, Holbrook, Avon & Surrounding Towns
Slide background
Slide background
Slide background
Slide background
SEARCH OUR LISTINGS
$
$
 

Fixed or Adjustable Interest Rate Mortgage: Which Should I Choose?

There is a lot involved in buying a home. First you must browse listings and find places that you are interested in. Then you narrow the list down to those that best meet your needs and price range. Once you have settled on something, you go through negotiations until you find a price that is agreeable with you and the seller. Then you have to get a mortgage.

The thoughts of getting a mortgage make a lot of people cower in fear. That's because if you've never been through the process before, there is much that you probably do not know or understand. One of the most common questions is whether one should get a fixed or adjustable rate mortgage.

A fixed rate mortgage is one that has an interest rate that remains constant for the life of the loan. That means that your payment is the same each and every month. This type of mortgage is easy to understand and makes budgeting more predictable.

The downside to fixed rate mortgages is that if interest rates are high when you get your mortgage, your interest will remain high as long as you keep the original loan. If you wish to take advantage of lower interest rates in the future, you will have to refinance. That means more paperwork and additional costs.

Adjustable rate mortgages, or ARMs, feature rates that start out low, then are adjusted according to current interest rates after a specified amount of time. The initial rate can be good for anywhere from a month to 10 years, after which it may be adjusted monthly, yearly, or at any other frequency specified in the mortgage agreement.

The biggest advantage of adjustable rate mortgages is the low initial interest rate. This generally means that one can get a larger loan due to the lower payments. ARMs also allow you to take advantage of falling interest rates without having to refinance.

The bad thing about ARMs is their unpredictability. Depending on the mortgage's terms, the interest rate (and your payment) could nearly double in just a few years. This would leave you with a much higher payment than you started out with, and possibly a higher payment than you would have had with a fixed rate mortgage.

Which type of mortgage you should get depends largely on your situation. How long you plan to keep the home and whether your income is likely to stay the same or increase over the coming years are two important things to consider. If you only plan to keep the home for a few years, an adjustable rate might work to your advantage. And if you need low initial payments, an ARM may be the way to go.

If you're looking for a payment that stays constant from month to month, a fixed rate mortgage would be your best bet. If you can get one when interest rates are low, it could save you money compared to an adjustable rate in the long run.


#1 Area Real Estate Office

#1 Area Real Estate Office Chosen by Area Residents
BEST OF THE BEST
22 Years Running!
1997 - 2019

What Our Clients Say...

"Katie was great! She knew exactly what questions to ask, and helped us get the best price. Even when talking with other sellers' agents, they always commented on how on the... read more...

Katie did an exceptional job when helping me purchase my first home! Once I found the house I liked, she was quick to get process going which is especially important in this... read more...

"Katie did a fantastic job with helping us buy a house. We found one we liked and she immediately got the process going for us. She was quick, reliable and a great resource... read more...

"Katie Hynes was a pleasure to work with. She was extremely professional, knowledgeable and paid close attention to detail. She made suggestions on how to prepare the home in... read more...

Katie was knowledgeable, professional, and thorough. She did a lot of groundwork before she came to the house; she held open houses; she help me stage the house; and she got... read more...

"Katie Hynes, exceeded my expectations as to how quickly and professionally my condo could be sold . Katie was attentive, and responsive. Katie's local knowledge of Randolph... read more...

Katie was always helpful,punctual,and pleasant to deal with. She had good suggestions for legal and skilled helper aids. My house sold quickly and for the price I wanted to... read more...

Todd's reputation as the "go to" professional in this area is well deserved.
I had the pleasure of having Todd represent me in the sale of my late father's house in... read more...

"Katie was extremely professional and responsive throughout the sales process. It was a pleasure doing business with her and her office. We are very pleased with the... read more...

"Katie was wonderful from start to finish! She was always very communicative through out the whole process and was straightforward. She did great marketing, helpful with... read more...

"This was my first experience with Katie, but nonetheless a pleasant one. Katie was professional and extremely responsive via all methods of communications (email, txt and... read more...

"Katie was AMAZING in assisting us with the purchase of our first home. She is attentive to detail and made sure my husband and I were happy with our search. She helped in... read more...

"I had the pleasure of working with Katie during the the process of selling my home. My property was For Sale By Owner and Katie represented the buyers during the sale.... read more...

Katie was great to work with in our home buying process. She was very responsive, knowledgeable, flexible, and always on time! She made the process easier, and made sure... read more...

There aren’t enough superlatives to describe Todd Sandler and the work he did for me. Todd assisted me in selling a family home. His support throughout the process was... read more...

"Katie worked tirelessly in the process of selling my previous house and running down the details (legal, financing, and interactions with the seller) when I recently... read more...

"Katie was a pleasure to deal with throughout the whole process. Very knowledgeable and always 2 steps ahead of everything. She made recommendations that in my opinion were... read more...

"Todd is a experienced, talented and most importantly responsive real estate agent. He has served our families real estate needs for decades. We have relied on his expertise... read more...

Katie - Very Good Negotiator!
Katie - Very knowledgeable and reliable agent. She helped to make the process much easier than it really is. She responded very quickly to any... read more...

Very Impressed with Katie!
I am very impressed with Katie responding to my calls day & night. She always had the answer to my question. I believe she took finding me a... read more...

Katie's Professionalism!
We sold our first house through Katie Hynes and were very pleased with her level of professionalism and responsiveness. Her knowledge of the area... read more...

Your Assitance and Guidance
Kim and Peter, We wanted to send a note of appreciation. Thank You for your assistance and guidance throughout the whole process. We truly... read more...

Highly recommend Todd Sandler and his firm!
It is without reserve that my family and I highly recommend the services of Todd Sandler and his firm. After each showing, Todd... read more...

Couldn't find a better Real Estate Professional than Katie!
Katie has helped my husband and me find our first home. Being total 'Newbies' to this process, we couldn't have... read more...

I'd recommend Todd to anyone!
Todd Sandler was great working with us throughout our purchase process. Timely communication, ethical and honest in our dealings, it was a... read more...

Such a pleasure to work with Katie Hynes - Highly recommend!
Katie helped our son buy his first home! She was professional in respecting our sons wishes and listening to his... read more...

Katie was Extremely Knowledgeable!
Katie was a consummate professional and helped guide us through selling our home very quickly! We found her to be extremely knowledgeable,... read more...

Katie was there every step of the way!
Katie was awesome, as everyone knows selling and buying a home is a stressful experience. Katie had her work cut out with me as a... read more...

Would highly recommend Katie Hynes!
Katie listed and sold our home. She was very professional to work with and dedicated hereself to helping us sell our home. She was... read more...

Katie - would absolutely recommend!
Katie was very helpful during the process of selling and buying our home! She was always available when we needed her and she made a... read more...

Thank you Todd!!
Last fall my family was struck with a difficult situation which resulted in us moving and selling our house. I had never sold a house so I didn’t even... read more...

You have a Great Team!
Todd, I want to thank you again for selling my house! You have a great team over there. Steph and I are thrilled with our new place and that was... read more...

True Professional!
Dear Kim, We just want to say "Thank You" again so much for all the wonderful work you did on the sale of my house.
We were so lucky we got you for... read more...

Katie Hynes - very professional!
Katie made buying my and my fiance's first home easy and seamless. Katie is a hardworking and responsive real estate agent. Katie gave us... read more...

Very impressed by Katie Hynes!
My wife and I came in contact with Katie Hynes of Todd Sandler Real Estate Agency when we were planning to sell our house. We were very... read more...

Kim Curtin was fantastic at every step in the process. We simply could not have found a better Realtor! She recommended pricing our house much higher than any other... read more...

Your Professionalism
Todd - If I made a wish list of all I would want in a Realtor, I couldn't find anyone better than you. Your professionalism, attention to detail,... read more...

Professional Service
Todd - Thanks again for your straight forward and professional service during our whole process, and we both honestly mean this.

Vast Experience!
Dear Todd, Thank you so much for all you have done in two, not just one, of our moves over the past six years.

First in 2008, you helped us find a home... read more...

Your Professionalism will not be forgotten!
Hi Kim, I want to say "thank you" for all your efforts on our behalf regarding the sale of our mother's house in Holbrook. You... read more...

Knowledgeable Agents!
Todd, I couldn't have asked to work with finer and more knowledgeable real estate agents and you can count on me 100% to recommend you highly to anyone... read more...

Really appreciate your timely responses!
Dear Kim, Thank you so much for all of your time, effort and coordination. I really appreciate your timely responses and "staying in... read more...

Thanks So Much Kim!
Thanks so much Kim, we appreciate everything you've done to make our first home together a reality! You're the best!

Great Realtor!
Todd , thank you so much for all your hard work, we appreciate for all that has been done for us. He is a great Realtor ! Having worked with other Realtor... read more...

I truly appreciate all your Hard Work!
Thank you Kim. You made this crazy process a much more relaxed one and I personally thank you for that. At a time when my nerves were... read more...

Appreciate your effort - Todd, you are the best!
Todd,
I wanted to thank you so very much for your handling the sale of my Randolph property. From the beginning to the end... read more...

Really Appreciate all your Hard Work!
Hi Kim - We just wanted to send out this quick note to thank you, as well as express how much we REALLY appreciate all of your hard... read more...

Thanks for your Hard Work & Persistance!
Todd, We can't thank you enough for all your hard work and persistance to make our move happen.

If you hadn't advertised it so... read more...

Excellent Salesperson!
David Haslam is an excellent salesperson. I would be happy at anytime to recommend him to my friends and family.

I know how hard you Worked!
Kim - Thanks for finding the perfect buyer - one with money and good credit. I know how hard you worked on getting this sale to work so thank you.

Many Thanks!
Kim, Thank you so much for all your help getting me into the condo.

Thank You!
Dear Kim - Thank you very much. The house is nice. The home is warm. We feel comfortable. You're appreciated.

Recommendation
Dear Todd: Over the past twenty years I have recommended you to friends either wanting to buy or sell a home in Randolph. The feedback I often received was... read more...

Thank You!
Todd, Thanks for all of your hard work with not just selling the house in a very short time span, but all of the extras you did for me as well. I don't think I... read more...

Thank you for Selling Our Home
Dear Todd: Rhonda and I want to express our sincerest gratitude to you and your office for selling our home. You clearly exhibited your... read more...

Receive Daily Email Updates!

Be the 1st to know about new listings & listing changes! Taylored to your specific needs & delivered straight to your inbox.

Current mortgage rates

Powered by MA Interest Rates

Have Questions?