Fixed-rate Mortgages Pennsylvania

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

Eastern Savings Bank FSB
412- 788-1600
2000 Cliff Mine Rd (Park West Two Ste 400)
Pittsburgh, PA
Affordable Mortgage Advisors LLC
412- 561-3000
1910 Cochran RD Manor Oak 2
Pittsburgh, PA
Century 21 Select Group (Brian Mccardle)
(570) 643-4823
Rt. 115, Po Box 200
Blakeslee, PA
Kerry Clean
(570) 722-0885
Po Box 1527
Albrightsville, PA
Pennsylvania State Employees Credit Union
(610) 865-2400
1 Credit Union Place
Harrisburg, PA
Anthony Schimmel, Associate Broker/Owner - Keller Williams Real Estate
(610) 395-9123
2901 Emerick Boulevard, Suite 100
Bethlehem, PA
Long & Foster Real Estate - Mary Lynn Bonsall
(877) 247-8080
3101 Emrick Boulevard
Bethlehem, PA
The Wagner Group - Keller Williams Real Estate
(212) 380-7448
2901 Emerick Boulevard, Suite 100
Bethlehem, PA
Grace Realty Co, Inc.
(610) 837-4131
LVIP IV, Suite B
Bethlehem, PA
Re/Max Classic Group - Alice Marques, Realtor
(610) 262-4566
2416 Emrick Boulevard
Bethlehem, PA

 

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

Eastern Savings Bank FSB

412- 788-1600
2000 Cliff Mine Rd (Park West Two Ste 400)
Pittsburgh, PA

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