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The cheapest mortgage rate I can get today is 9.13% which is insane. What's the lowest rate you can get?
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this post was submitted on 30 Jun 2023
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@Mateng
@briefingWizard936
Loan term refers to the total life of the loan. A 10 year term would mean you could pay off the loan in 10 years through making minimum payments.
Are you referring to an adjustable rate mortgage (ARM)? That’s what’s they’re called in the USA. ARMs haven’t made a lot of sense in most cases as of late.
What does lending look like there? Do you all do 30 year mortgages too? Do you have an option for a fixed rate mortgage?
No, what I meant was a fixed interest rate over 10 years (German: Zinsbindung). The loan is over ~30 years.
After 10 years, we can decide if we change the lender or stay with them. The lender can decide on a new interest rate.