Interest rates
Fixed interest rate
In the mortgages of fixed interest the interest rate remains constant during the whole life of the loan, does not change. Therefore, one knows of before hand, and the same quota is paid so, every month, it does not influence us if the types rise or go down. This, like everything, has his good side and his bad side. If the types rise, it will not affect us and we will not pay any more. If the types go down, it will not affect us either and we will not be able to benefit from the descent.
In this type of loans a few shorter period are fixed usually, from 12 to 15 years, doing that the quota to pay is quite high. Also, the commissions of early amortization tend to be higher.
Mixed interest rate
The mixed mortgage loans it combines periods of fixed interest and periods of variable interest. They usually begin with fixed types for 3, 4 or 5 years later to happen to variable guys. The pay-off periods and the commissions for early amortization are similar to those of variables. It is necessary to say that this type of loans is not very common.
Interest rate of fixed quota
There are loans to variable interest, but they are alike those of fixed type in which the same quota is always paid, the margin of the evolution of the interest rates. The difference rests on that if the types rise lengthens the pay-off period, and if the types go down, the term diminishes. This way we have the calmness of which we will always pay the same quota, although also the suspense of not knowing when we will have just paid the mortgage.