Fixed Rate Mortgages

A fixed rate is usually the most popular pick when it comes to mortgages. Unlike an adjustable rate mortgage, a fixed rate mortgage gives you the interest rate up front, before your mortgage is even 100% official. You will know the exact amount of interest you will be paying each month for your entire mortgage term.

Are you interested in a Fixed Rate Mortgage? Contact a lender in your area today.

Advantages of a Fixed Rate Mortgage:

• Allows you to budget your finances better
• No Surprises, interest rates remain the same
• Offers more stability
• Good choice for those with average to good credit

If your credit is good and you think you can get a generally low interest rate, then a fixed rate would probably be your best bet because it is a good rate that you will always have. However, if the fixed rate you will be receiving is actually a high rate, you may be better off with an adjustable rate because you will have some periods in which your rate will be much lower, which is something you couldn't have with a fixed rate.

Generally, fixed rates are a much simpler, easier process. They are usually picked over adjustable rates, and are especially popular among first time home buyers. If you plan on living in your home for a long time, or if you have an "average" income, a fixed rate may be the best choice for you as well. You might already have a mortgage with an adjustable rate, and have been looking to refinance to a fixed rate - this may be in your best interest. Contact a lender to discuss your options.

Are you interested in a Fixed Rate Mortgage? Contact a lender in your area today.