http://www.texas-home-mortgage-rates.com/fixed-rate-second-mortgages.html Fixed rate second mortgages come in limited options, and even these options aren't always in your best interest. Consider fixed rate second mortgages carefully before you agree to anything fixed. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Before we begin discussing fixed rate second mortgages its best if you just put the home equity line of credit out of your mind. HELCOs only come as ARMs, and its a rate that is compounded daily and adjusted monthly. Before your period of withdraw ends and your period of repayment begins you will be responsible for the interest alone, and that interest will adjust with national levels. When the actual repayment period begins you can refinance into a fixed rate, but you are probably looking for more stability in that, so lets stick tight to yer standard second mortgage. Fixed rate second mortgages - seeing into the future If you are looking for home equity financing that you can count on over time to be stable, secure, and within your scope or financial abilities, look no further than fixed rate second mortgages. In fact, these are probably your only option for stability, seeing how fast HELOCs can change and how rapid national interest rates are rising. Fixed rate second mortgages will usually come with a 10- or 20- year repayment term, so these are for the people looking to live in Texas and stay in Texas for a long time - folks ready to make the long haul. An adjusting rate comes in mighty handy Most people looking for fixed rate second mortgages aren't looking for that much money though, and repayment usually won't take much more than a few years - long enough to enjoy the initially depressed - and fixed - rates of an ARM. If you can repay your second mortgage before the adjusting rates kick in you'll be sitting pretty and you'll save a whole heap more than if you took out fixed rate second mortgages to begin with. Sat, 26 Jul 2008 15:00:00 EDT