rate mortgage loans are probably best for you if
you plan on staying in your home for the long term.
This type of loan has a fixed interest payment for
the entire term of the loan, which is usually 15
or 30 years. A fixed rate mortgage loan is also
probably for you if you want the security of having
a loan payment that does not change.
of a fixed rate mortgage loan
are protected from rising rates. Since
your rate is fixed, based upon market interest
rates that were locked in at the time you finalized
your loan, you are not affected by the interest
rate environment over the life of the loan.
payment ever month over the term of the
life of the mortgage loan.
fixed rate mortgage loan if you meet the following
want peace of mind from having a fixed
payment every month.
have a reliable income stream to pay
for this type of a loan (because you are paying
more for this type of a loan when compared to
an ARM loan that is in the first few years of
are probably going to be in the home for 5 or
more years. As each year progresses,
more of your income goes towards principle. The
reason for this is, since this mortgage costs
a little more, and in the beginning of the loan
period, most of your payments go towards interest.
As the years go by, however, more of your payment
goes towards principle and you will find your
equity increasing rapidly towards the end of the
down payment is not as high when compared
with most adjustable mortgages.
is the next step?
Lending Partners’ free loan request service will
match you with up to four lenders to help you lower
your interest rate.