Fixed Rate Mortgage – The Predictable One!
What Fixed Terms Are Available?
Things to Consider on a Fixed Rate Loan
- Fixed rates can protect you from market uncertainty by providing a stress-free and predictable payment every month.
- Shorter terms like the 15YR typically provide lower rates but payments are higher. If you plan to own multiple properties, consider that when you commit to a higher payment on a shorter term, you will have to qualify on that payment which means future rental income not may cover the housing expenses for that property.
- If you have a clear exit strategy for that home within the next 10 years, consider an adjustable rate (ARM) loan as rate offerings are typically lower.
- If you don’t know which fixed term makes the most sense for your goals, don’t stress over it. Put us to work and let one of our Loan Advisors provide you with a free consultation to help recommend the product that best aligns with your current situation.