A fixed rate mortgage (FRM) is the most plain wrapper mortgage of all. It is also incredibly popular. The long technical definition is that is a fully amortizing mortgage loan in which the rate of interest stays the same over the length of the loan. Another thing to remember, most people have better credit than they think, usually Fair Credit or better, keep this in mind while filling out our online form. When contacted by us, kindly ask our loan professional any question you may have. They will be more than happy to assist you in making sure a fixed rate mortgage is best for you. Remember, all loans don't fit all people; if you need a mortgage loan, we'll find the right one for you.
Other types of loans have an adjustable, or floating, rate that can change your payment from month to month. With a fixed rate mortgage, your payments are exactly the same, month after month, until you pay off the mortgage.
There are pros and cons as well as risk versus reward when it come to determining if a FRM or an ARM is best for you. And it all depends upon whether interest rates are rising or falling. Of course, if rates are rising, then an FRM is best and vice-versa. Additionally, a fixed rate mortgage, according to bankrate.com, generally carries a lower down payment. And, the monthly payment for an ARM is more likely than not going to increase sometime in the future. We usually suggest a fixed rate mortgage, reference bankrate.com, unless rates are high and are likely to fall.
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