Fixed rate mortgages are generally very affordable, especially when rates are low. Consumers of fixed rate mortgages are faced with having to choose between a 15-year fixed rate mortgage or a 30-year fixed rate mortgage. Some prefer 15-year fixed rate mortgages because of the shorter duration. Other consumers choose 30-year fixed rate mortgages because the payments are considerably lower than the former. This means you can save a lot with take over mortgages, especially if the interest rate on the existing loan is lower than the current rate on new loans. However, lenders can change the loan terms of take over mortgages so you must be prepared for that. Along with the interest rate and the monthly payments, you also inherit the liability of the take over mortgage. After seven years, an approximate 92% of the original balloon payment mortgage amount is due. For example, the amount of the balloon payment mortgage is $200,000. The interest rate for this balloon payment mortgage is 7.5%. After seven years, the total amount of money you owe to the balloon payment mortgage lender is $184,000, provided that you haven't sold the property yet or refinanced. When you get an interest-only mortgage, what you're really getting is an interest-only payment method which you can combine with other traditional mortgage types. The other thing you need to keep in mind is that the stated benefits of interest-only mortgages are exaggerated. In a standard mortgage, 95% if each dollar paid to the lender goes to the loan interest. When the economy goes down on the other hand, the same thing happens with mortgage interest rates, but in reverse. The Feds will cut down the mortgage interest rates in order to bring the economy back to life. Investors will start buying more bonds while the mortgage interest rates are low. Demand grows and loan sellers offer their products with lower mortgage interest rates. If there is anything at all that confuses you a bit or something that you do not understand while you're doing your mortgage rate comparison, do not hesitate to ask for advice. A mortgage rate comparison is actually an effort on your part to get everything straight. This includes checking all paperwork and then contacting the firm immediately should you find any errors.