Fixed-rate Mortgages El Centro CA

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

Sandoval Arleen
(760) 352-2207
302 Broadway St
El Centro, CA
Calpacific Mortgage
(760) 337-8100
314 N 8th St
El Centro, CA
America One Finance
(760) 353-1606
765 Broadway St
El Centro, CA
Sol Mortgage
(760) 336-2220
2026 N Imperial Ave
El Centro, CA
Golden Capital Mortgage and Real Estate
(760) 353-1280
1850 W Main St
El Centro, CA
Metro Desert Realty
(760) 352-1558
510 W Main St
El Centro, CA
Mex-American Home Loans
(760) 352-3252
1275 W State St
El Centro, CA
Murray Mortgage
(818) 783-6670
6117 Brockton Ave Ste 206
Riverside, CA
Aka Financial Services Inc
(310) 474-9100
2370 Westwood Blvd
Los Angeles, CA
Dana Mortgage
(949) 861-2691
177 Stanford Ct
Irvine, CA

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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