Saturday School: How Mortgage Interest Rates Impact Your Payment

Saturday School: How Mortgage Interest Rates Impact Your Payment Photo by sirtravelalot / Shutterstock.com

What type of mortgage is right for you? Should you go with the security — but potentially higher costs of a 30-year fixed loan?

Or should you roll the dice on a 5/1 ARM that might — or might not — lower your costs over time?

Before you decide, you need to understand the basics about mortgage rates and how they impact your monthly loan payment. Watch this video from Khan Academy and learn the pros and cons of both fixed-rate and adjustable-rate loans.

What type of mortgage seems right for you? Let us know by commenting below or on our Facebook page.

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