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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 Rate Commercial Mortgage Specific links
Fixed Rate Commercial Mortgage News
TEXT-Fitch cuts 10 classes of Bear Stearns 2004-PWR4 - Reuters
TEXT-Fitch cuts 10 classes of Bear Stearns 2004-PWR4 Reuters May 23 - Fitch Ratings has downgraded 10 classes of Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4. A detailed list of rating actions follows the end of the press release. The downgrades are due to an increase in Fitch expected losses ... |
Fitch Affirms Commercial Capital Access One, Series 2; Takes 1 Class off Watch ... - MarketWatch (press release)
Fitch Affirms Commercial Capital Access One, Series 2; Takes 1 Class off Watch ... MarketWatch (press release) NEW YORK, May 23, 2012 (BUSINESS WIRE) -- Fitch Ratings has affirmed two classes and removed one class from Rating Watch Negative of Commercial Capital Access One, series 2 (CCA One, series 2) commercial mortgage pass-through certificates. |
TEXT-S&P raises 5 Morgan Stanley Cap I Inc 2003-IQ4 ratings - Reuters
TEXT-S&P raises 5 Morgan Stanley Cap I Inc 2003-IQ4 ratings Reuters The collateral for the class "TN" raked certificates in the transaction consists of the $55.0 million subordinate B note in a $409.0 million fixed-rate mortgage whole loan. -- The upgrades reflect our revaluation of the collateral, and a review of the ... |
TEXT-Fitch affirms Class E of Lehman Brothers 1999-C1 - Reuters
TEXT-Fitch affirms Class E of Lehman Brothers 1999-C1 Reuters May 23 - Fitch Ratings affirms Lehman Brothers (LB) Commercial Mortgage Trust, series 1999-C1 (LB 1999-C1) class E certificates at 'AAAsf'. The affirmation reflects high credit enhancement and defeased collateral to fully cover the rated class. |
Fitch Issues Presale on FREMF 2012-K708 & Freddie Mac SPCs, Series K-708 - MarketWatch (press release)
Fitch Issues Presale on FREMF 2012-K708 & Freddie Mac SPCs, Series K-708 MarketWatch (press release) NEW YORK, May 22, 2012 (BUSINESS WIRE) -- Fitch Ratings has issued a presale report on FREMF 2012-K708 multifamily mortgage pass-through certificates and Freddie Mac structured pass-through certificates, series K-708. The expected ratings are based on ... |