Compare Mortgage Quotes

pan_kul · Joined: 13 Mar 2007 Posts: 12 7.08 Dollars($)

I want to know what is the difference between open variable mortgage and pre approved mortgage. And which one is better.
Which of the two offer the flexibility to pay down the mortgage without penalty.

jerry

Hi pankul,

Open variable rate mortgage is a home loan which is offered at an interest rate that varies with money market conditions. You can prepay or renegotiate with the lender to pay down the loan any time without having to pay extra interest amount.

Pre-approved mortgage is a home loan set at a certain rate of interest prior to purchasing your home.

Thanks,
Jerry.

pan_kul · Joined: 13 Mar 2007 Posts: 12 7.08 Dollars($)

Thanks Jerry for your answer

One more think i would like to ask if you permit me. Is the variable rate convertible to any fixed rate later on. Will there be any penalty if i do so.
Thanks

Guest

variable rate can be converted to fixed rate. There can be penalty depending upon the lender.

Guest

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

open-variable and pre-approved mortgage