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Category: Financing

Fixed rate mortgage

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Houses are so expensive today that it makes it difficult to commit to take the plunge and acquire a large monthly payment. In fact, trying to decide which type of mortgage to get is almost as difficult as trying to narrow down your choice of a new home.

Unfortunately, your choice is even more difficult should you decide to purchase a home that has an overly large price tag on it. Depending on your monthly income, you may not even be able to afford the home of your dreams unless you take out two mortgages, an interest only mortgage, or a balloon mortgage.

In most cases, a fixed rate mortgage is going to be the first pick. It offers the same payment every month for the lifetime of the mortgage. One of the benefits to a fixed rate mortgage is that the interest rate is fixed. This means that the rate you lock in at the time of your acquisition of the mortgage will be the rate that you will be charged over the lifetime of the loan.

This is great because you don’t get any surprises. Fixed rate mortgages are commonly offered in 20, 25, and 30-year terms. However, larger terms of 35 and 40 years are also becoming the norm, as are shorter terms of 15 years. (don)

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