Greater suitability and better mortgage options are what mortgage brokers bring to their customers. For instance, your credit history is not that great. Banks generally reject mortgage applications if the credit score is below 670. With a mortgage broker, you can shop around for a lending company that offers bad credit mortgage loans. As an added bonus, consumers who buy their variable rate mortgages from ING Direct have the option to convert their variable rate mortgage into a fixed rate mortgage of 3 years or more. This conversion from a variable rate mortgage to fixed rate can be done any time without penalties. Every 3 months, ING Direct variable rate mortgage interest rate will be adjusted to reflect their prime rate. 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. The monthly payments for a fixed rate home mortgage may either for a period of 15 years or 30 years. Fixed rate home mortgages are considered stable. With fixed rate home mortgages, your interest rates are guaranteed and your monthly payments are predetermined. A 30-year fixed rate home mortgage has its own advantages and disadvantages. However, with the index value adjusted every month, your interest-only mortgage rates may also be changed. Six Month Libor Loan - Like the One Month Libor Loan, the interest-only mortgage rate of this loan is the LIBOR index and margin which is 0.125%. The margin will only be adjusted every six months along with the index value. This increase in mortgage rates is especially true if the loan amount exceeds the established loan limits of Fannie Mae and Freddie Mac. Loan limits typically changes at the beginning with each year to conform with the trend mortgage rates are taking. The length of the loan may also affect mortgage rates.