There are two major types of interest rates that can be linked to your Long Island, New York mortgage. Adjustable rate mortgages allow the interest rate to fluctuate during the life of the home loan. Fixed rate mortgages, on the other hand, maintain the same interest rate for the entire life of the Long Island, New York loan. Both fixed and adjustable rate mortgages have their strengths and weaknesses. In today’s unstable economy, adjustable rate mortgages can be risky for the Long Island, New York home owner because the rate can increase with little notice. On the other hand, this type of Long Island, New York mortgage may allow you to purchase a more expensive home in Long Island, New York. To find out more about the differences between adjustable and fixed rate Long Island, New York mortgages contact your home loan representative at All Service Long Island, New York Mortgage.