This is a question many have asked in recent years…What is best for your family depends on you particular circumstances. A fixed interest rate works best for long term mortgages, where the homeowner plans to remain in the home for long term and the interest rate remains stable. Adjustable interest rates on the other hand, are beneficial if the homeowner plans to be in the home for a short duration less than ten years and can take advantage of low interest rates, while they exist. Selling the home, prior to the rise in interest rates, will be important before their mortgage payments increase. When purchasing a mortgage, the buyer must beware of all the parameters they are responsible for before signing on the dotted line.
http://money.cnn.com/2018/08/08/pf/fixed-or-adjustable-rate-mortgage/index.html
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.