With the economy being in the sad state that it is, mortgage lenders, with backing from the government, are finally beginning to offer unique and sometimes unusual types of relief for homeowners. While there are many varieties of "quick fix" loans available, just about every personal finance professional agrees that a fixed rate mortgage or equity is the best possible situation for the borrower. With this type of mortgage or refinance, the terms and conditions of the loan are upfront and clear. Since the rate of interest is fixed, you don’t have to worry about any surprises such as sudden bumps or increases in your monthly payments. With the economy being unpredictable as it is, it is simply not worth the risk of taking an adjustable rate loan as you don't know whether the interest rate will going up or down. Furthermore, if rates do skyrocket, it will almost impossible to attempt another refinance while the opposite is true with a fixed rate mortgage.