Fixed-rate Mortgages Bolingbrook IL

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

OPEN MORTGAGE LLC
815-690-8000
15130 S RT 59
PLAINFIELD, IL
Real Estate Resource Home Loans- Michael Bonaventura
708-364-5135
16530 S. 106th Court
Orland Park., IL
Charter Mortgage Services Inc
630.632.0671
145 Covington Dr
Bloomingdale, IL
Washington Mutual
(630) 679-9222
149 N Weber Rd
Bolingbrook, IL
Cardinal Mortgage
(630) 226-1234
481 W Boughton Rd
Bolingbrook, IL
Alianza Financial Services Inc
(630) 972-0780
424 Rockhurst Rd
Bolingbrook, IL
Ola American Financial Services
(630) 771-0430
684 W Boughton Rd
Bolingbrook, IL
Washington Mutual
(630) 679-9222
149 N Weber Rd
Bolingbrook, IL
Universal Financial Group
(630) 378-3600
425 Quadrangle Dr
Bolingbrook, IL
American General Financial Services
(630) 759-7383
311 N Weber Rd
Bolingbrook, IL

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

OPEN MORTGAGE LLC

815-690-8000
15130 S RT 59
PLAINFIELD, IL
www.openmtg.com/carlosalers

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