Fixed-rate Mortgages Cape Coral FL

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

First Florida Financial Group, LLC
877-424-4562
907 Jennifer Lane
Fort Myers, FL
Mortgage Express of SW Florida Inc the
(239) 945-5900
870 SE 47th St Ste 3
Cape Coral, FL
D & C Mortgage Services Inc
(239) 540-2600
3501 Del Prado Blvd S Ste 200
Cape Coral, FL
The Money Outlet Inc
(239) 573-2774
2328 Hancock Bridge Pkwy Ste 111
Cape Coral, FL
Carousel Mortgage Loan Corp
(239) 541-0435
3108 Del Prado Blvd S
Cape Coral, FL
Command Financial Corp
(239) 540-9991
2911 SW 39th Ter
Cape Coral, FL
United Mortgage Corp
(239) 945-5990
1505 SE 40th St
Cape Coral, FL
Wilmington Mortgage Services Inc
(239) 542-8255
2804 Del Prado Blvd S
Cape Coral, FL
Nu-Vision Mortgage
(239) 945-4060
1416 Lafayette St Ste 3
Cape Coral, FL
Southern State Mortgage Inc
(239) 549-3002
2613 SW 32nd
Cape Coral, FL

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

First Florida Financial Group, LLC

877-424-4562
907 Jennifer Lane
Fort Myers, FL


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