As we've seen in other columns, adjustable rate mortgages may be preferable for a few home buyers, even when home loan interest rates are low. What, though, are the clear advantages of a fixed-rate loan over an adjustable?

*Peace of mind. You know you're not going to wake up tomorrow morning with a higher interest rate and higher monthly payment amount. It's a done deal.

*When there is an underlying long-term trend toward higher interest rates, you are very likely to spend less on your home's financing with a fixed-rate loan if you live in the home longer than three years−possibly a great deal less.

*There is even an element of flexibility, because most fixed-rate loans allow you to pay an extra amount toward the principal balance every month, thus reducing the number of months you'll have to make payments and potentially reducing the overall amount of interest you pay by a great amount. For more information call Beth at (425) 450-5208 and visit her website at www.bethbillington.com.

Beth Billington is a Realtor® with Coldwell Banker Bain in Bellevue, WA.