Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
 
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.
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Fixed Rate Mortgage  

"What is a fixed rate mortgage ? Should I get one?" A fixed rate mortgage is a mortgage that has a rate that is fixed for the life of the loan. Thus the interest rate and the principal and interest payment can never increase over the life of the loan. A fixed rate mortgage is the most common type of mortgage obtained by homeowners everywhere as it provides a feeling of security in knowing that your rate will never change and will be fixed for the life of the loan.

The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.

Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also "biweekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.)

Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30 year mortgages.

During the early amortization period, a large percentage of the monthly payment is used for paying the interest . As the loan is paid down, more of the monthly payment is applied to principal . A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount.

If a fixed rate mortgage isn't right for you, there are several adjustable rate mortgages available that can work better for some customers in the short term.

One reason that you may choose an adjustable rate mortgage as opposed to a fixed rate mortgage is the length of time you plan on residing in your home. If you know you are planning on staying for a short period of time, it may be wise to take advantage of the lower initial rate.

A popular 30 Year Fixed Rate loan is currently one that features an "interest-only" option for the first 10 years. The program allows you to prepay your loan if you like, with no penalty, or pay only interest for the first 10 years. After the first 10 years, your loan becomes fully amortized to be paid off in the remaining 20 years. Consult your mortgage professional to determine if this program is best for you.

Fixed rate mortgages is a mortgage loan that has a permanent interest rate that will not change for the life of the loan. This is only one type of mortgage and your mortgage professional can help you decide if they mortgage will fit your financial status.

Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30 year mortgages.

Fixed Rate mortgages are commonly believed to have high minimum payments, however there are fixed rate mortgages available with up to 30 years of fixed interest and "Cash Flow" deferred interest payment options which allow for the payment flexibility once associated exclusively with ARM mortgages. In today's market, a fixed rate cash flow option mortgage may have a lower overall rate than many similar ARM adjustable rate loans. To see if you qualify for a 30 year fixed rate mortgage refinance with a cash flow deferred interest option, contact one of our seasoned financial professionals at 888-418-4467


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