Fixed-rate Mortgages Conway AR

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

American Home Mortgage
(501) 327-2012
950 Hogan Ln
Conway, AR
Robinson & Associates Financial Services Inc
(501) 932-2323
813 Oak St
Conway, AR
Bank of America
(501) 336-6731
719 Harkrider St
Conway, AR
Regions Financial Corporation
(501) 450-4651
Main & Chestnut
Conway, AR
National Bank of Arkansas
(501) 329-0333
812 Oak St
Conway, AR
First Arkansas Mortgage Co
(501) 327-0391
Conway, AR
U S Bank Home Mortgage
(501) 328-0444
1122 Van Ronkle St
Conway, AR
American Mortgage Associates
(501) 450-7242
Conway, AR
Eng Lending
(501) 513-1944
803 Harkrider St
Conway, AR
U S Bank Home Mortgage
(501) 328-0444
1122 Van Ronkle St
Conway, AR

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

Fairway Independent Mortgage Corporation

501-614-4600
1819 N. Filmore Street
Little Rock, AR

Related Local Event
Arkansas Association of Realtors Annual Convention
Dates: 9/8/2009 - 9/10/2009
Location: TBD
Little Rock, AR
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