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1 Year Fixed Mortgage SummaryThis type of mortgage allows a borrower to get a loan where the interest rate is fixed for one year. It is a great loan for short-term borrowers. 1 Year Fixed Mortgage FeaturesThis is a loan where the interest rate is fixed for only the first year of the loan. If the loan term is for 30 years, than the interest rate is adjustable for the remaining 29 years of the loan term. The advantage of this type of loan is that the payment amount is usually lower than a 30 year fixed loan. This is because the longer a loan is fixed for the higher the interest rate is. Types of Borrowers This HelpsBorrowers who have a short-term planning horizon may benefit from this type of loan. Because of its lower payment it may be helpful to people who plan on holding a property only for several months. This can be real estate investors who are flipping properties. When This Loan Does Not Make SenseIf you plan on keeping your property or the mortgage for the long term this loan is not for you. You will be exposed to the risk of interest rate fluctuation. Lender Approval Issues________________________________________________
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