I would stay away from variable interest rate mortgage loans because they may go up on you. I Worked for a well known 8 th largest lender in the U.S. during part of the mortgage refinance boom around 2002 and 2003 and they started to focused on selling variable interest rate mortgage loans around 2003 or 2004 which seemed more affordable at first with some cash out, it looked good to the customer in the short term. Our company did alot of business and I saw a few years later how the interest rates went up and some people just could not pay their increased house payments. This is a big part of what happend back around 2003′ 04 and 05 which I believe led partly to the way things are now and how things went in 2007 and 2008. The company I worked for processed about 500 to 900 loans per day. Stay away from variable interest rate mortgage loans.
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