Fixed Rate, Adjustable, Hybrid: Matching Mortgages and Clients
In This Chapter
• Finding the right mortgage is much more than finding the lowest interest rate
• Adjustable rate mortgages carry inherent risks
• Fixed rate mortgages are safe and predictable
• The hybrid mortgage becomes the hot new thing
Mortgages come in an infinite variety of shapes and sizes. As a mortgage broker, you’ll need to explain the advantages and disadvantages of each type of loan so that your client can make an informed decision about what works best for him. On the other hand, avoid information overload. That’s where, in your zeal to present options, you overwhelm the borrower with so many choices he doesn’t have a clue where to begin to make a decision. ...