Advantages Of A Fixed Rate Mortgage

Fixed Rate Mortgages - Advantages / Disadvantages

Attn: Special Adjustable Rates Available Until For Residents Of Virginia & Neighboring States!

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.

Features of fixed rate mortgages:

  • Security - your mortgage interest rate, according to Zillow.com, and monthly payment never changes over the length of your loan.  Do not worry about rising interest rates.
  • Payment is established when you apply, based on the amount and the current rate of interest at the time of application.  Your monthly payment will never increase.
  • You can pick the number of years: 10, 15, 20, 25, 30 or even 40 years.   The shorter the length of the loan, the faster you will pay it off, plus you will pay less interest.
  • Lower down payment - in general.  Maybe higher payments in the beginning, but not forever.
  • Less stress.  Definitely consider this when shopping for a home mortgage whether it be a fixed-rate-mortgage or an adjustable-rate-mortgage, as stated by Investopedia.com.

fixed rate mortgage and fixed-rate refinance

What Separates Peak Home Loans From The Rest

  • Our mortgage specialists provide sound mortgage advice with a complete analysis to get you the best loan that fits your mortgage needs.
  • We believe in taking care of every customer, every time, without excuse.
  • 9 out of 10 clients would recommend us to their friends and family.
  • We provide a minimal amount of paperwork which saves you time.

  • Get your right loan, not someone else's.

  • Quick approval and settlement, weeks, not months.
  • Closings convenient to you.

Peak Home Loans make it easy for you.  We can help you save time by not having to fill out long complicated forms.  We offer expert advice and help you choose the perfect loan for you and your family.   You can get approved within minutes, close in weeks, and the closings come to you.  We make it quick, easy and convenient because Peak Home Loans is here to help.


Mortgage Refinance @ 3.25% - 100k is $435/mo.

Thank you,
Peak Home Loans

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