‘With the mortgage trending down week after week, many people may jump into the refinancing bandwagon again. BankRate listed six money-costing mortgage myths as a timely reminder for those who want to make more sense of this crucial financial decision.

A 30-year fixed mortgage is always best.

Yes, 30-year fixed mortgage is still at historic low and adjustable rate mortgages (ARM) have their fair share of risks, but why settling with 30-year fixed mortgage if you only want to live in your house for the next five years? The 1 percent or more spread between these two types of loans will be yours to keep….’

Read more at PFBlog.com - 6 Mortgage Myths That Can Cost You Money - Personal Finance Weblog

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This entry was posted on Thursday, November 4th, 2004 at 1:48 pm and is filed under Loans, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.