The Interest rates are Great,.... 2.99 % for a 5 year term..The Advantage of a Mortgage Broker, the Broker shops all the lenders for you, and can hold that interest rate up to 90 to 120 days for you. If the rate goes down within that time frame you receive that lower rate. Some Brokers even offer a better rate if you have a closing date(move in date) with-in 30 days!
Variable rate versus fixed rate. A variable rate is usually up to 1% to 1.5% lower than fixed rate(posted rate).A variable rate does increase and decrease as the posted rate moves up and down. The fixed rate can be fixed for a certain time usually a 3 or 5 year term , and longer. Most Lenders will even discount the posted rate, the lenders are very competitive, and rates can be negotiated.
With the variable rate mortgage your monthly payment does not change, just your interest and principal adjust as the rate adjusts.
2013 is the year to buy a new home! Take advantage of these great rates.