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Fixed-rate Mortgages New York

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

Mary Collins Real Estate, Inc.
(845) 687-0911
Route 213 East
High Falls, NY
Bourdeau Financial
866-530-7300 ext 732
920 Albany Sjaker Rd
Latham, NY
The Binghamton Mortgage Company
607.262.0054
4747 Vestal Parkway
Vestal, NY
The Binghamton Mortgage Company
607.262.0054
4747 Vestal Parkway
Vestal, NY
Prioirity Funding, Ltd.
631-224-8990
265 East Main st
East Islip, NY
1031 Investment Services LLC
(914) 447-3785
12 Ackerman Court
Croton on Hudson, NY
Battery Park Reality
(212) 786-1789
21 South End Avenue
New York, NY
Feldman Weinstein
(212) 869-7000
420 Lexington Avenue
New York, NY
Advisors Mortgage Group, LLC
631-804-9044
300 Garden City Plaza
Garden City, NY
Priority Funding Ltd
631-224-8990
265 East Main St
East Islip, 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.


Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Mary Collins Real Estate, Inc.

(845) 687-0911
Route 213 East
High Falls, NY
http://www.marycollinsrealestate.com
Read more about Fixed-rate Mortgages

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