Fixed Rate Mortgages

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Fixed-Rate Mortgage: What and Why.

What is a fixed rate mortgage?

A fixed-rate mortgage has an interest rate that remains the same for the life of the loan. In other words, your total monthly payment of principal and interest will remain the same over time. This is a very popular option with fixed income borrowers that want one consistent payment and never want to worry about market cycles or mortgage rate corrections (Note: Your mortgage payments can fluctuate, though, if your property taxes or homeowner’s insurance rates fluctuate).

Fixed-rate mortgages tend to have a higher interest rate than an adjustable-rate mortgage, or ARM. But ARMs have low, fixed rates for a brief period, typically three, five, seven years, or ten-year terms before the interest rate resets. After that time, rates can go up or down (as can your monthly payments) for the remainder of the loan term, though most ARMs have a cap.

Why a fixed rate mortgage?

A fixed-rate mortgage is the most popular type of financing because it offers predictability and stability for your budget. It’s definitely the more conservative approach to mortgage financing. You never have to worry about your payment having to adjust based on your interest rate. You know exactly what your monthly payment will be (Principal and Interest) each and every month.

Things to Consider

Here are some important things to consider when getting a fixed rate loan:

  • If this loan is being done for the purchase of a new home ask your realtor to find out about supplemental property taxes. This can definitely have an effect on your monthly mortgage payment if you don’t payoff the entire balance all at once.
  • If you have an HOA, find out what the HOA budget is. You have the right not see the Balance sheet. This is important to know because if you buy a home were the HOA has very small reserve or is already over budget than there is a really good chance that the HOA (homeowners association) will be increasing the monthly, quarterly or annual dues.
  • If you are planning on doing a home remodel or doing an addition to your home check with your county or city. There is a good chance that your home will be reassessed, and your property taxes will be increase.







Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Want more information on fixed rate loans?

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