Welcome to Fixed Rate Mortgage Guide
Fixed Interest Mortgage Rate Rate Year 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: Mortgage & Debt FactsComparing 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.
Fixed Interest Mortgage Rate Rate Year Specific links
Fixed Interest Mortgage Rate Rate Year News
HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again - San Francisco Chronicle (press release)
 Christian Science Monitor | HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again San Francisco Chronicle (press release) The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM). Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales Mortgage rates slide to record lows MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... |
LendingTree Analysis Indicates Greater Savings with Adjustable-Rate Mortgages ... - MarketWatch (press release)
LendingTree Analysis Indicates Greater Savings with Adjustable-Rate Mortgages ... MarketWatch (press release) From January to May 2012, the proportion of borrowers refinancing to a 30-year fixed-rate loan has increased about 5 percent year over year, 6 percent for purchase mortgages. Compared to the same time period last year, LendingTree has seen over a 12 ... |
US April new-home sales inch up; mortgage rates hit historic low - Medill Reports: Chicago
 Medill Reports: Chicago | US April new-home sales inch up; mortgage rates hit historic low Medill Reports: Chicago 10. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $417500 or less reached a historic low of 3.93 percent. The rate for loan balances greater than $417500 climbed to 4.25 percent. |
Time to Refinance While Mortgage Rates are So Low - FreeRateUpdate.com
Time to Refinance While Mortgage Rates are So Low FreeRateUpdate.com Mortgage rates, which fell again this week, are currently sitting at record lows which is causing quite a stir in the mortgage industry. Existing homeowners need to seriously look at the mortgages they currently have, the interest rate, ... |
Refinancing homeowners overwhelmingly choose fixed loans - e-wisdom.com
 e-wisdom.com | Refinancing homeowners overwhelmingly choose fixed loans e-wisdom.com The fixed-rate choice came regardless of whether the original loan was of the fixed or adjustable variety, Freddie Mac said. “Fixed mortgage rates averaged 3.92 percent for 30-year loans and 3.19 percent for 15-year product during the first quarter in ... BofA to Buy Back $330 Million of Mortgages From Freddie Mac |