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Fixed Rate Mortgage Article
Choosing between an ARM or a Fixed Rate Mortgage Rate
Homeowners often lock into an adjustable rate mortgage and find that the interest rate increased and their monthly payments were adjusted to reflect the higher rate. Often they decide to refinance their ARM mortgage with a fixed rate mortgage rate loan, because the payments will stay the same over the term of the loan. It isn’t always easy to qualify for a fixed rate mortgage rate loan; especially if the borrower is presumed a risk due to poor credit or other financial issues.
Before you try to qualify for a fixed rate mortgage rate loan it is a good idea to pay off any credit cards that might be taking money away from your monthly budget. Always check with the credit bureaus and get a copy of your credit history. If there are any errors on your credit report, you must address them right away. Should there be any unpaid bills that have been turned over to bill collectors, it will behoove you to pay those bills off before they get listed with the credit bureau. With a steady cash flow in your finances and a clean credit history you should be able to qualify for a fixed rate mortgage rate loan.
By switching from an ARM to a fixed rate mortgage rate loan you may be saving a hundred or more dollars on your monthly payment. The amount of interest you will pay in a fixed rate mortgage rate loan will often times be less than what you would pay on an ARM loan. Sometimes it is more cost effective to have an ARM loan if you don’t plan to stay in it long. Many people buy homes on an ARM loan and flip the homes and then pay off the money owed. If you aren’t planning to sell your home soon, may be to your advantage to choose a fixed rate mortgage rate loan.
Whether you have an ARM loan or a fixed rate mortgage rate loan you can amortize your loan in a set number of years. If you don’t want very high payments you can choose a 30 year loan, or if you can afford the higher payments the 15 year loan may be the better option because less interest is paid over the term of the loan on a shorter duration of the loan. The ARM loan fluctuates over certain periods in the loan, which could be yearly or however the loan is written. The interest rate could remain the same over time or it could fall or rise and the monthly payment would change at specified times when the loan is adjusted. With a fixed rate mortgage rate loan the interest rate is locked in at the time the loan was issued and will not change over the term of the loan. The payments of a fixed rate mortgage rate loan will remain the same also.
Fixed Rate Mortgage News
Average 30-year mortgage rate drops to 4.95%, Freddie Mac says - Los Angeles Times
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Home Mortgage Loan Rates – JP Morgan Chase Refinance Rates Mixed - Subprime Blogger (blog)
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30-year fixed-rate mortgage back below 5% - MarketWatch
30-year fixed-rate mortgage back below 5% MarketWatch CHICAGO (MarketWatch) -- Average rates on 30-year fixed-rate mortgages fell back below 5% this week, returning to match levels seen ... Mortgage Rates Fall With Home Demand Help for First-Time Buyers Mortgage rates back below 5% |
Leeds Building Society launches five-year fixed-rate mortgage - MyFinances.co.uk
Leeds Building Society launches five-year fixed-rate mortgage MyFinances.co.uk Martin Richardson, general manager marketing and business development, said many borrowers are keen to secure fixed-rate mortgages to protect their monthly ... Leeds Building Society fixed-rate mortgage range brings "peace of mind" Leeds 3-year fixed rate mortgage range from 4.25% |
Societies offer cheap niche deals - Financial Times
Societies offer cheap niche deals Financial Times For a two-year fixed rate mortgage at 75 per cent loan-to-value, the average rate across the whole of market was 4.19 per cent at the beginning of March, ... Keep on top of mortgage rates, even after the deal is done |