Fixed-rate Mortgages Basking Ridge NJ

A fixed-rate mortgage is a mortgage where the interest rate is set for the term of the loan. Your interest rate stays the same for the term of the mortgage or for a specified period of time.

Local Companies

Heritage Mortgage Bank Corp. 2
(973) 539-9878
25 Lindsley Drive
Morristown, NJ
Croot Realtors
(610) 439-4343
2 Partridge Lane
Long Valley, NJ
Mortgage First Direct
973-763-4000 ex 24
1923 Springfield Ave
Maplewood, NJ
Coldwell Banker
186 Center Street, Suite 150
Clinton, NJ
AMS Mortgage Services Inc.
201-919-7363
333 Rt 46 West
Fairfield, NJ
Atlantic Federal Mortgage Group Lec
(973) 530-4069
90 Bergen St
Newark, NJ
Kwartler Associates
(908) 604-2514
150 Allen Rd
Basking Ridge, NJ
Montgomery Mortgage Capital Corporation
(201) 438-4433
1050 Wall St W Ste 320
Lyndhurst, NJ
Apollo Mortgage Services Inc
(973) 616-6262
1212 State Rt 23
Butler, NJ
Stone Street Mortgage Corp
(973) 383-0911
185 Spring St
Newton, NJ

 

A Fixed Rate mortgage will offer you the security of knowing that your mortgage interest rate will not change during the term of your fixed rate. For example, a lender can offer a 30-year fixed loan to a homebuyer at a 6.5% interest rate. The loan is locked in to the 6.5% interest rate, even if the market interest rate rises to 8.0%. Conversely, if the market interest rate decreases to 4.5%, you will continue to pay the 6.5% interest rate. A Fixed-Rate Mortgage applies the same interest rate toward monthly loan payments for the life of the loan.

Features:

- Straightforward and easier to understand than Adjustable Rate Mortgages (ARMs).

- More secure for the buyer and very popular with first-time home buyers.

- Ideal for anyone who likes to budget monthly expenses and plans to keep their home for several years.

- Since the risk to the lender is higher, fixed-rate mortgages generally have higher interest rates than Adjustable Rate Mortgages (ARMs).

- Tend to have higher initial monthly payments compared to those of adjustable rate mortgages.

- Fixed-rate mortgages are less flexibility than adjustable rate mortgages.

With adjustable rate mortgages the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. The advantage of an Adjustable Rate Mortgage is that you may be able to afford a more expensive home because your initial interest rate will be lower. In a fixed-rate mortgage, your interest rate stays the same for the term of the mortgage.

About the Author:

Copyright © 2005.

Chileshe Mwape writes for The Secured Personal Loans Website at: http://www.secured-personal-loan.org.uk/ and he’s also a regular contributor to the Fixed-rate Mortgages blog at http://www.fixed-rate-mortgages.blogspot.com/

This article may be reprinted online as long as all the above links are active and clickable.


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Featured Local Company

Heritage Mortgage Bank Corp. 2

(973) 539-9878
25 Lindsley Drive
Morristown, NJ

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