Fixed-rate Mortgages Maryland

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

Admiral Mortgage
410-559-6491
25 S Charles St
Baltimore, MD
BASK Properties
717-830-2767
240 South Potomac St
Hagerstown, MD
Residential Home Loan Center
410-534-3290
2208 Eastern Ave
Baltimore, MD
Proficio Mortgage Ventures
303.448.2920
11219 Lockwood Dr.
Silver Spring, MD
AA Mortgage Gro
443-869-5682
8 W West St
Baltimore, MD
Family First Mortgage Group LLC
410-793-1192
3525 H Ellicott Mills Dr.
Ellicott City, MD
SunTrust Mortgage
410-308-6000
1966 Greenspring Dr
Timonium, MD
Allied Home Mortgage Capital Corporation
410-783-9407
516 N Charles St
Baltimore, MD
Baltimore HUD Homes
(443) 866-8699
1953 Laurel Oak Dr
Baltimore, MD
American Home Loans
410-230-0232
1 E Chase St
Baltimore, MD

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

Admiral Mortgage

410-559-6491
25 S Charles St
Baltimore, MD

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