Home
Bad Credit Mortgages
Mortgage Approval
Mortgage Insurance
Mortgage Refinancing
Mortgage Tips
Mortgage Troubles
Mortgage Types
Mortgages at Maturity
References
Partners
|
Short-term mortgages offer the advantage of lower interest rates but are for the more confident borrower.
Increased flexibility is also a major attribute of short term mortgage. Mortgage vendors can provide the opportunities for home buyers to convert from 6 month fixed rate mortgages and closed term mortgages to a longer term mortgage.
The benefits of short term mortgages are that you are able to get short-term mortgages (1-2 years) that have variable interest rates with open terms. Your monthly payment remains the same even though monthly rates are dependent on the ever changing prime rate. As interest rates rise more of your mortgage payment will go towards the mortgage interest and in the end you could end up saving thousands of dollars!
|
|
