Fixed-rate Mortgages Belmar 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

jimbrownmortgage
732-245-5121
77 Main Street
Freehold, NJ
Advisors Mortgage Group
888-843-9797
5114 Route 33
Wall, NJ
Advisors Mortgage Group
888-843-9797
5114 Route 33
Wall, NJ
The Kauderer Group
(866) 807-5111
15 S. Main Street
Marlboro, NJ
Intercounty Mortgage
908-208-0431
3400 Highway 35
Hazlet, NJ
Assured Mortgage Corp
(732) 292-1477
1913 Atlantic Ave
Belmar, NJ
Allied Capitol Mortgage Corporations
(732) 751-1899
1415 Wyckoff Rd
Belmar, NJ
Jersey Mortgage Company
(732) 292-0787
2517 State Highway 35 N
Belmar, NJ
First Equity Financial
(732) 919-1525
5105 State Highway 33 N
Belmar, NJ
Griffin Mortgage Corporation
(732) 974-0098
2100 State Highway 35 N
Belmar, 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

jimbrownmortgage

732-245-5121
77 Main Street
Freehold, NJ
www.jimbrownmortgage.com

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