Fixed-rate Mortgages Lewiston ID

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

National City Mortgage
(208) 746-1370
514 Thain Rd
Lewiston, ID
Wells Fargo Home Mortgage
(208) 799-6271
868 Main St
Lewiston, ID
Commercial Mortgage of Idaho
(208) 344-5203
1880 S Cobalt Point Way
Meridian, ID
First Priority Mortgage
(208) 528-9999
1301 E 17th St
Idaho Falls, ID
Dl Evans
(208) 466-5027
1310 12th Ave Rd
Nampa, ID
Pro Mortgage Group
(208) 947-5555
8921 W Hackamore Dr
Boise, ID
Idaho Independent Bank
(208) 461-0663
804 12th Ave S
Nampa, ID
American Mortgage Resources
(208) 227-9400
165 N Woodruff Ave
Idaho Falls, ID
GMAC Residential Mortgage Group
(208) 336-1458
6305 W Overland Rd
Boise, ID
Wells Fargo Home Mortgage
(208) 235-3313
333 S Main St
Pocatello, ID

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.


Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Spokane Mortgage by Unlimited lending

509-340-3909
10404 e 13th
spokane, WA
http://www.unlimitedlending.org


Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History