ABSOLUTELY. 7.4% interest is extremely high. Depending on how long you intend in keeping the property, you may consider an adjustable rate mortgages versus fixed rate mortgages. ARM normally have lower interest rates than 30 year fixed rates. Rates have gone up recently. If you are intending in not moving, stay with a 30 year fixed rate mortgage. If planning on selling in next 5 to 10 years, get a quote on adjustable rate mortgages. Please write us back if you have any questions.
Branch Manager of USA MORTGAGE
The Gustan Cho Team at USA MORTGAGE