Fixed

As the name suggests, fixed interest rate mortgages provide a fixed interest rate during the entire length of the loan. These loans are generally offered in 15 and 30 year durations. Why would you want a fixed rate?

Your monthly payments are fixed over the life of the loan which is beneficial to your own budgeting and financial planning. You will always know what your monthly payment is going to be.
The interest rate on your loan will not change. If rates rise after you close your loan, your payments will not increase.

With fixed rate mortgages, there are no surprises or uncertainty about your mortgage payment. But with a fixed rate, you will pay a higher interest cost than the Adjustable Rate Mortgage (ARM). Another potential drawback is that you will have higher mortgage payments than an ARM due to the higher interest rate. Fixed rates deliver peace of mind and the opportunity to refinance if there is a sudden interest rate drop.

Contact Mortgage Financial and a Loan officer will be happy to review your needs to explore whether a fixed rate mortgage fits your needs.

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