This is because variable rate mortgages may turn out to be cheaper than fixed rate mortgages in the long run. Several lenders offer variable rate mortgages among their product lines. Some of these lenders are listed below, along with a brief outline on their variable rate mortgage product. Variable Rate Mortgage by ING Direct Mortgages The ING Direct line of variable rate mortgages offers one of the lowest rates available in the market today. With an 80 20 mortgage loan, the home buyer actually takes out two loans. The first part of an 80 20 mortgage loan is for 80 percent of the purchase price. At the second part of an 80 20 mortgage loan is for 20 percent of the home's price. The closing costs of an 80 20 mortgage loan are something that the buyer is expected to come up. If your finances come up short of the requirements, your application for a loan will not be accepted. A bad credit mortgage loan works in a completely different way. There are no pre-qualification requirements when you apply for a bad credit mortgage loan. Lenders who offer bad credit mortgage loans do not even take a second glance at your credit history. Most lenders of interest-only mortgage rates do not put any restrictions or penalties should you find it convenient to start paying off the principal loan balance. Even with prepayments, many interest-only mortgage rate lenders will still let you pay up to 20% of your loan balance during any 12 month period without prepayment penalties. With all these information provided to you through FSA mortgage rate comparison tables, savers will surely find the best place to invest their funds. FSA also has mortgage rate comparison tables for mortgages, annuities, endowments, and ISAs (unit trust and OEICs). Other mortgage rate comparison tables are those for stakeholder pensions, mortgage endowments, and investment bonds. Interest rates of a 15-year fixed rate mortgage are also lower than 30-year loans. The disadvantages however include significantly higher monthly payments, especially when compared with 30-year fixed rate mortgages. This setback of having a 15-year fixed rate mortgage may restrict home buyers to smaller houses than they might be able to afford with longer-term loans.