Well, that depends on your risk tolerance and whether the interest rate is in a rising or declining mode.I am referring to the Pime rate.Variable rate can save you money as long as you are not risk sensitive and you can always switch to fixed rate.It is hard to answer this question without understanding your perception to risk . Find a mortgage agent so they can explain to you in details the pros and cons.

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If we were to (hypothetically) default on a relatively small mortgage, what would the financial repercussions be? we would love to hear from people who have been there and done that, especially in the last couple of years. we would also welcome comments from anyone in a related professional field. we are mostly interested in whether it would be advisable to file bankruptcy or not, how negatively it would affect our credit, and what legal recourse we might expect to encounter. should we send the lender a quit claim deed, or just walk away? will we lose our credit card? do we need to close our bank accounts? how hard will it be to get a car loan? most importantly, how long will it take to rebuild our credit? appreciate all serious answers from people who have actual knowledge or experience going through this. thanks!

Whether or not you should file bankruptcy is a conversation you need to be having with an attorney or a tax professional. Most attorneys do advise clients to file bankruptcy, partially because they want the business, and because in most cases, it is a viable option. The issue usually comes down to whether you are in a recourse or non-recourse state, what your assets are, your plan down the road, etc. With a bankruptcy, you are not buying much for at least 2 years after the BK is discharged. Most people have problems for more than 3 years, it takes awhile to build that score back. The foreclosure/bankruptcy of course trashes your credit score, so you pay more for everything based on it, such as credit card interest, car loans, insurance, etc.. If you have a small mortgage, it may not be worth it in the long run to do a strategic default.

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My husband and i are considering buying our first house in the next few months. we have a good credit history (2 student loans of mine paid in full soon after graduation, pay all bills and cards on time and in full, no car payments) and do not carry debt over from month to month. when i was doing mortgage affordability calculators, the credit limits seem to be the big problem. i have a student line of credit and a credit card (total limits: 20k) and he has 2 credit cards (11k limit total). i am considering getting rid of my line of credit and his 2nd card and reducing the limits on the main cards to about 5k each. is this advisable or would this reflect badly on our credit score? thanks!

That's what I did. I reduced the limits on the cards. I also pay in full - which is best for your credit. When reducing limits keep in mind that any time that you use more than 30% of your available credit limit your score starts reducing. Make the limit something you know that your usage will not exceed 30%. Example: New limit 5,000, make sure you do not spend more than $1,500 a month on your card. /