With an interest rate that doesn’t change and principle and interest (P+I) that stays the same for the duration of the loan, it’s no wonder that a fixed rate mortgage is the first choice among the majority of today’s home buyers.
Fixed Rate Mortgage Quick Facts
- We offer any term fixed rate mortgage from 9yr – 30yr fixed. You choose the amount if years you would like your loan amortized over
- The interest rate does not change
- Principle and interest (P+I) does not change
- Fixed-rate mortgages fully amortize over a defined period of time and are paid in-full at the end of the loan term
Fixed Rate Mortgage Pros and Cons
With a fixed rate mortgage, your rates and payments remain constant. The loan is not affected by inflation or a change in the average interest rate. When homeowners’ interest rates remain stable and their housing outlays don’t change, managing a mortgage and maintaining a household budget can be far easier.
There are very few disadvantages, but one reality for fixed rate mortgage borrowers is that in order to take advantage of interest rates that begin to trend lower, a refinance will need to occur at some point. The good news is that when the time comes, Home Loan Solutions is here to make that process as simple and pleasant as possible.
Is a Fixed Rate Mortgage for You?
A fixed rate mortgage is often the best option for borrowers who are in their ideal lending situation. It’s appealing because it allows you to take advantage of the Federal Reserve’s low interest rate for the duration of the loan.
However, some buyers would rather explore an adjustable rate option. To be fully aware of your options, please read our adjustable rate mortgage page as well. Then, take a moment to contact Home Loan Solutions today. As one of the most reputable Orange County mortgage lenders in business today, we are available to answer your questions regarding fixed rate mortgages.