You thought that you had fixed rate mortgages. Then one day you opened a statement and saw that your interest rate changed drastically. What happened? It’s possible that you had a different type of mortgage which had a fixed rate period followed by a variable rate. If you didn’t get all of the facts straight when you first got your mortgage, you may need to consider home mortgage refinancing options to get the best mortgage rates now.

There are dozens of different types of home mortgage loans. Many of these have a period of time during which there is a fixed rate. In some cases this is due to the nature of the loan. For example, a “balloon payment” loan has a fixed rate until the date that the balloon payment is due. In other cases, the fixed rate is part of a promotional offer which comes to an end and then the rate goes up.

If you haven’t yet gotten your mortgage loan, you should make sure that it really is a true fixed rate loan. If it’s too late and the loan has already been acquired, you should review your options for refinancing the mortgage. You may find that you can get a true fixed rate mortgage now and resolve the problem fairly easily.