Posted by cynthia Brewster on March 22, 2006 at 15:41:30:
I’m assuming you’re talking about a 5yr fixed and 25 yr variable. The reason why any broker would do that is because the interest rate would be lower and so would the house payment. Did you talk to your broker? Let him know what you’re looking for? The rates for 30yr fixed is always higher and of course so are the monthly payments. The average person tends to move close to every 5 years. AND there are no incentives for getting you a loan you didn’t want.
I hope I’m explaining this to your satisfaction. If you have anymore questions, you can get in touch with me, I’ll be happy to answer or clarify your questions.