A house is probably going to be your biggest purchase you ever make.
A house is probably going to be the biggest purchase that a person makes in their lifetime. It is important to do some research before deciding on the type of loan that suits you best for your needs. Here are five things that you should know about fixed mortgage rates.
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The one thing that seems to appeal to most people when considering a fixed mortgage is the payment predictability. The mortgage payment each month will be the same. There is no monthly change in the interest rate or principal.
There is a sense of stability associated with this loan. If you are planning on staying in your home for a long extended amount of time, this is probably the best choice in loans. There is no worry about drastic changes in interest rates.
There are various loan terms that a person can get with a fixed mortgage. The 15, 20, and 30 term loans are the most popular among these term loans. The main difference between the different loan terms is that shorter term loans have a lower rate of interest. This will result in a faster rate of payoff, but it usually means a larger monthly mortgage payment.
Pre-payment is allowed with a fixed mortgage loan without suffering any penalties. You do not have to wait until the end of the loan term to pay it off if you have the means to pay it off sooner.
The biggest disadvantage of this loan is that it takes a long time to build the equity in your home. If you plan only to be in a home for less than ten years, this may not be the loan for you. Also, depending on the change in interest rates, this loan can end up costing more money. The interest rates do not change with this loan, so if the interest rates would drop you do not benefit making this type of loan relatively expensive. Most people feel that because they have a fixed mortgage that they cannot refinance their loan.
Fixed mortgage rates appeal to those that want the comfort of knowing what their loan payment is going to be each month. If you are not in any hurry to build equity and turn the house around, this is a good loan to consider. It is important to do your homework.
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Posted in Financial Services Post Date 12/16/2015