Fixed-rate Mortgages Bridgeview 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

Real Estate Resource Home Loans- Michael Bonaventura
708-364-5135
16530 S. 106th Court
Orland Park., IL
Wells Fargo Reverse Mortgages
312-919-4749
511 W North Ave
Chicago, IL
Market Mortgage
630-363-0593
800 Roosevelt Road
Glen Ellyn, IL
Northwestern Business College
(708) 237-5000
7725 S Harlem Ave
Bridgeview, IL
Smartway Mortgage
(708) 598-3588
8405 S Harlem Ave
Bridgeview, IL
Maestro Mortgage Service
(708) 581-7790
7267 W 87th St
Bridgeview, IL
Capital Mortgage Group Inc
(630) 778-9290
1755 Park St
Naperville, IL
Vision Prime Mortgage Co
(815) 929-1910
122 N Schuyler Ave
Kankakee, IL
Diamante Mortgage
(773) 282-7300
3647 N Cicero Ave
Chicago, IL
Wells Fargo Home Mortgage-Jande Han
(630) 613-7560
40 E Hinsdale Ave
Hinsdale, 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

Real Estate Resource Home Loans- Michael Bonaventura

708-364-5135
16530 S. 106th Court
Orland Park., IL

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