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.
Choosing between an ARM or a Fixed Rate Mortgage Rate
from: Mortgage & Debt FactsHomeowners often lock into an adjustable rate mortgage and find that the interest rate increased and their monthly payments were adjusted to reflect the higher rate. Often they decide to refinance their ARM mortgage with a fixed rate mortgage rate loan, because the payments will stay the same over the term of the loan. It isn’t always easy to qualify for a fixed rate mortgage rate loan; especially if the borrower is presumed a risk due to poor credit or other financial issues.
Before you try to qualify for a fixed rate mortgage rate loan it is a good idea to pay off any credit cards that might be taking money away from your monthly budget. Always check with the credit bureaus and get a copy of your credit history. If there are any errors on your credit report, you must address them right away. Should there be any unpaid bills that have been turned over to bill collectors, it will behoove you to pay those bills off before they get listed with the credit bureau. With a steady cash flow in your finances and a clean credit history you should be able to qualify for a fixed rate mortgage rate loan.
By switching from an ARM to a fixed rate mortgage rate loan you may be saving a hundred or more dollars on your monthly payment. The amount of interest you will pay in a fixed rate mortgage rate loan will often times be less than what you would pay on an ARM loan. Sometimes it is more cost effective to have an ARM loan if you don’t plan to stay in it long. Many people buy homes on an ARM loan and flip the homes and then pay off the money owed. If you aren’t planning to sell your home soon, may be to your advantage to choose a fixed rate mortgage rate loan.
Whether you have an ARM loan or a fixed rate mortgage rate loan you can amortize your loan in a set number of years. If you don’t want very high payments you can choose a 30 year loan, or if you can afford the higher payments the 15 year loan may be the better option because less interest is paid over the term of the loan on a shorter duration of the loan. The ARM loan fluctuates over certain periods in the loan, which could be yearly or however the loan is written. The interest rate could remain the same over time or it could fall or rise and the monthly payment would change at specified times when the loan is adjusted. With a fixed rate mortgage rate loan the interest rate is locked in at the time the loan was issued and will not change over the term of the loan. The payments of a fixed rate mortgage rate loan will remain the same also.
Fixed Rate Mortgage Specific links
Fixed Rate Mortgage 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) HSH.com releases its latest Weekly Mortgage Rates Radar showing a downward drift in fixed mortgage rates from the previous week. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of ... Mortgage rates slide to record lows Time to Refinance While Mortgage Rates are So Low New Record Low Set By Fixed Mortgage Rates According to ForTheBestRate.com |
LendingTree Analysis Indicates Greater Savings with Adjustable-Rate Mortgages ... - MarketWatch (press release)
LendingTree Analysis Indicates Greater Savings with Adjustable-Rate Mortgages ... MarketWatch (press release) "Given the speed and the magnitude by which ARM rates have declined, adjustable-rate mortgages are proving to be a more valuable 'risk adjusted' alternative than a traditional fixed-rate mortgage," said Doug Lebda, LendingTree founder and CEO. |
Fixed Rate Mortgages in U.S. Hit Record Lows, Again - World Property Channel
 e-wisdom.com | Fixed Rate Mortgages in U.S. Hit Record Lows, Again World Property Channel According to Freddie Mac lastest Primary Mortgage Market Survey (PMMS), showed average fixed mortgage rates again hit new record lows. The 30-year fixed-rate mortgage at 3.79 percent continues to remain well below 4 percent and 15-year fixed-rate ... Refinancing homeowners overwhelmingly choose fixed loans BofA to Buy Back $330 Million of Mortgages From Freddie Mac |
Fixed-rate mortgage rates hit low again - MarketWatch
 MarketWatch | Fixed-rate mortgage rates hit low again MarketWatch By Amy Hoak, MarketWatch CHICAGO (MarketWatch) — Rates on fixed-rate mortgages hit record lows this week, with the 30-year fixed-rate mortgage averaging 3.83% in Freddie Mac's most recent survey of conforming mortgage rates, released Thursday. HSH.com Weekly Mortgage Rates Radar: Soft Jobs Report Keeps Mortgage Rates at ... Mortgage Rates Still Falling Second Consecutive Week Of Record-Low Fixed Mortgage Rates |
Fixed-rate mortgage rates hit low again - MarketWatch
 World Property Channel | Fixed-rate mortgage rates hit low again MarketWatch CHICAGO (MarketWatch) — Rates on fixed-rate mortgages hit record lows this week, with the 30-year fixed-rate mortgage averaging 3.83% in Freddie Mac's most recent survey of conforming mortgage rates, released Thursday. Fixed Rate Mortgages in U.S. Hit Record Lows, Second Consecutive Week US rate on 30-year mortgage hits record 3.83 pct. Rate on 30-year mortgage hits record low of 3.83 percent |