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What Is A Fixed Rate Mortgage?

One of the most popular consumer mortgage products is called a 'fixed rate mortgage'. It's pretty much truth in advertising: The interest rate on your mortgage will not go up or down for the duration of the loan. If you're shopping for a mortgage at a time when rates are low, or when economic indicators have shown that rates will be on the rise in the near future, then a fixed rate mortgage is a great way to take the volatility out of the equation. Many new and prospective homeowners prefer fixed rate mortgages for budgetary reasons. Month in and month out you will know the exact amount of your house payment. When times are tough, like they are right now for so many Americans, a fixed rate home loan could be the difference between making it and not making financially each month.

What Is The Fixed Time Period?

No matter the length of your fixed rate mortgage, the interest rate won't change. This means you can make accurate budgetary projects for many years into the future. Most mortgages these days are 30 years in duration. This means that for 360 months your rate will never change. Normal economic cycles over 30 years mean that your mortgage interest rate will most likely be competitive for the duration, even though it might be slightly higher or slightly lower than the prevailing rate at any given time. You can also get a 15-year fixed mortgage. Your monthly payment will likely be higher than it would with a 30-year mortgage, but in return you will make your last payment on yours house 15 years sooner, and that is something definitely worth considering.

Why A Fixed Rate Mortgage?

One of the best reasons to consider a fixed rate home loan is if you are on a fixed income. If you have a monthly income from any source that remains essentially stable, then a fixed rate mortgage is something that could work for you. When you live on a strict budget, removing wild fluctuations in your monthly expenses is in your best interest. If you are a homeowner looking for a fixed rate home equity loan, or a prospective buyer just entering the market and a stable house payment is a top priority, then speak with a mortgage lender about the advantages if a fixed rate mortgage.

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