Welcome to Fixed Rate Mortgage Guide
Fixed Rate Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Compare the Fixed Rate Mortgage with an ARM
from:Comparing mortgage rates is always a good thing to do when you are shopping around for a fixed rate mortgage. Interest rates vary from one fixed rate mortgage to another, so it is helpful to check around on the Internet to compare the different lending companies and their fixed rate mortgage ad. The ad listed is not necessarily the interest rate you will be offered when you apply for a mortgage loan. The interest rate you are offered will be determined by many factors.
Your credit rating is a major determining factor determining the amount of interest you will be charged with a fixed rate mortgage loan application. Whether or not you have been on time with your monthly payments is a big factor. If this is your first major purchase, and you have no prior credit, you may get a higher interest rate than someone who has proven their credit status by having a clean record with monthly payments made on time.
Fixed mortgage rates differ from adjustable rates mortgages (ARM); the fixed rate stays the same, and the ARM will fluctuate from time to time. The ARM will usually start out low and then gradually increase. The payment in an ARM loan will increase or decrease as reflected by the fluctuation in the interest rate. A fixed rate mortgage payment will stay the same throughout the term of the loan.
A fixed rate mortgage over a 15 year loan will save much more money in interest than a 30 year loan. If you were to compare loans for $100,000 and the 30 year loan at 6.25 percent interest, the amount of interest would be about $121,000, and a 15 year loan with 6 percent interest would amount to almost $52,000 paid in interest. Though the monthly payments in a 15 year mortgage loan are higher, it does save a significant amount of money compared to the 30 year loan with a fixed rate mortgage.
Getting preapproved for a mortgage loan with many different lending institutions is key to getting the best fixed rate mortgage option. Let the lenders compete for your business. Each lender will want your business and they will try to offer you the least amount of interest and still make a profit themselves. A person with a clean credit report could hold out for the lowest bidder, and that is what many borrowers do if they are not in a hurry to make the deal.
Before going to your lending company to sign the papers on a loan, be sure to check your credit rating. If you find any charge offs or unpaid bills that went into collection be sure to clean it up. Nothing could be worse than going to a lender with a bad credit history, so if your credit rating is less than perfect, take the time to pay off these creditors to remove the negative reports. With a good credit rating you can get a loan with a much lower interest rate. When your credit rating is good there is nothing standing in your way for a low fixed rate mortgage.
Other Fixed Rate Mortgage related Articles
Fixed Rate Mortgage Refi Quotes
Fixed Rate Mortgage Quote
Fixed Rate Mortgage Refinance Quotes
Low Fixed Rate Mortgage
Best Fixed Mortgage Rate
 |
Do you want to contribute to our site : submit your articles HERE
Fixed Rate Mortgage Specific links
fixed rate mortgage Listings
- Your Source for Mortgages. Find and Compare Mortgage Listings Here.
-- http://www.areaconnect.com/
fixed rate mortgage Listings
- Find and Compare Top Local fixed rate mortgage Listings Here.
-- http://www.wyp.net/
Mortgages & Loans
- Find Local Mortgage Specialists. Get Contact Info & Directions.
-- http://www.findlinks.com/
New Rap Music
- Search Emerging Artists & Help Vote Them Into Stardom. Join Today
-- http://www.ourstage.com/
Xtreme Biography: Santa
- When Santa isn't bringing toys to good little children, you might be surprised to find him on the naughty side of town. You shouldn't be surprised, though. Santa's kind of a dirty old man. Watch the hilarity on Atom.com
-- http://www.atom.com/
Fixed Rate Mortgage News
Homeowners with good credit scores are poised to capitalize on ... - Baltimore Sun
 Best Syndication | Homeowners with good credit scores are poised to capitalize on ... Baltimore Sun, United States - If people are out there needing to pay off debt or change their adjustable-rate mortgages to a fixed rate, this is the time to do it. ... Report: Ga. mortgage rates among lowest Mortgage rates are low, but loans difficult to get Real Estate: Different types of mortgages, what they mean to you |
Week-to-week mortgage applications down 8.2% - MarketWatch
Week-to-week mortgage applications down 8.2% MarketWatch - Adjustable-rate mortgage activity rose slightly, accounting for 0.9% of all applications as opposed to 0.8% the week before. Rates on 30-year fixed-rate ... Mortgage volume down in week Mortgage Applications Decrease In Latest MBA Weekly Survey Mortgage applications dipped before Fed move: MBA |
Rates roulette for savers and borrowers - BBC News
 BBC News | Rates roulette for savers and borrowers BBC News, UK - Repayments have not changed for those on fixed rate deals. However, the Council of Mortgage Lenders says that about 1.5 million homeowners' fixed rate deals ... Fixed-rate mortgages ended 2008 "a lot cheaper" Popularity of trackers dwindling despite rate cuts Fixed rates drop, but only for some |
The Fed appoints Investment Managers to manage mortgage-backed ... - Proactive Investors USA & Canada
 AFP | The Fed appoints Investment Managers to manage mortgage-backed ... Proactive Investors USA & Canada - Results of these efforts are becoming apparent as the average rate on a typical US fixed-rate mortgage has gradually fallen. According to the Bloomberg ... Fed Begins Fixed Rate MBS Purchases Non-Agency Mortgage Bonds Rallied as Rates Declined Mtge Bonds Continue To Gain Ground On Fed Purchases |
Fed Halts Mortgage Repos For First Time Since March - Bloomberg
 stv.tv | Fed Halts Mortgage Repos For First Time Since March Bloomberg - The difference between yields on Washington-based Fannie’s current-coupon 30-year fixed-rate mortgage bonds and 10-year Treasuries fell about 24 basis ... Video: Jan. 6: Stocks Finish Higher on Fed Minutes Towards an inflationary twilight zone In Fed's decision to slash rates, fears of a long recession |