When finding a right mortgage loan to finance your newly found home, the problem of the mortgage rate can be a crippling one for your finances and your ultimate desire to get a new home for your family. Mortgage rates play a huge role in the overall cost of your home. If you never thought about it, look at it like this: it’s something that piles up. It’s like the story of the boy with the lemonade stand: the profit was small, but the more he sold, the bigger it got. The same thing applies to a mortgage loan rate: the bigger the mortgage, the more you pay in interest alone. And the fact that the mortgage rate varies throughout the years can be an extra cause for unrest. So many people I know went with a variable rate for their mortgage loans because it looked like the intelligent way to go at the time, since the rates were going down, and are now stuck with ridiculously high monthly payments. That’s why the safest way to go is to choose a fixed rate mortgage. Banks offer a fixed rate mortgage for 10 years, which is more than enough time to get your finances back on track.