Fixed-rate Mortgages Elmhurst NY

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

Lefrak Organization
(718) 459-9021
97-77 Queens Blvd.
Rego Park, NY
flex Mortgage
866-999-3539
79-20 cypress avenue
ridgewood, NY
Dial-A-Mattress Operating Corp.
(718) 472-1200
31-10 48th Avenue
Long Island City, NY
Homes Access Inc.
(718) 738-6200
111-17 Liberty Avenue
Richmond Hill, NY
Halstead Properties LLC
(212) 381-3218
1356 Third Avenue
New York, NY
Mark Wishnuff M.D.
(212) 249-5918
215 E. 84th Street
New York, NY
Neue Gallery
(212) 628-6200
1048 5th Avenue
New York, NY
The Brookhill Group
212-753-3123
501 Madison Avenue
NY, NY
Manhattan Mortgage Company
(212) 318-9494
555 Madison Avenue
New York, NY
Apartment Placement Services
(212) 572-9609
575 Lexington Avenue
New York, NY

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

Lefrak Organization

(718) 459-9021
97-77 Queens Blvd.
Rego Park, NY
http://www.lefrak.com/

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