Fixed Rate Mortgage


What Is A Fixed Rate Mortgage?

  • A fixed rate mortgage is pretty simple to explain. It never changes. A fixed rate mortgage loan program will have slightly higher rates compared to an ARM but should be considered when the borrowers intend to keep the property for a longer period.

Key Benefits Of A Fixed Rate Mortgage

  • Borrowers select a fixed rate loan when they intend to keep the property for the long term. Adjustable rates can and do adjust at predetermined points in the loan term and in a worst case scenario an ARM can actually end up higher than prevailing fixed rates.
  • A fixed rate mortgage provides stability and is easier to plan for and budget around. Knowing what your payment will be in 10 years helps boosts financial planning.
  • Borrowers are protected from any sudden rate increases in the future, regardless of any market conditions, increase in interest rates or Fed action.
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How Does A Fixed Rate Mortgage Work?

  • A fixed rate mortgage can range in terms from 10 years to 30 years and also is also offered in five year increments. A fixed rate mortgage provides peace of mind for home owners who can easily plan their financial future, knowing their mortgage payment will never change.
  • The shorter the loan term, the lower the rate but the higher the monthly payment. This is because the mortgage is paid off sooner compared to say a 30 year term. Yet while a shorter term has a higher payment there is also much less interest paid to the lender over the life of the loan.

Frequently Asked Questions

Most frequently questions and answers

It is possible for you to get a conventional mortgage with a FICO credit score as low as 620, and you can get a higher-interest FHA mortgage with a score in the low 500s. However, your should be aware that the lower your credit score, the higher that your interest rate will be.  On a mortgage of $250,000 , the difference in cost between a 620 credit score and an “excellent” 760 can add up to more than $86,000 in savings in interest at the end of a 30-year loan.

Yes a zero down payment home loan does exist. The minimum down payment you need to buy a home is 3.5% down with an FHA loan on a 30-year fixed-rate mortgage. This 3.5% down payment is a factor of the home price on a loan size up to the high-balance FHA county loan limit – which in most places is $417,000. However, it can be higher depending on the area. Ask your agent for the limits in your area. 

When interest rates are historically low, like they are now, then a fixed rate mortgage loan makes good financial sense. Not surprisingly, the vast majority of mortgages being originated today are fixed-rate. In fact, the percentage of adjustable rate loans is about 3%. 

That said, while a fixed-rate mortgage is the best choice for the majority of home buyers, there are circumstances where an ARM may be better. For instance, if you expect that you might sell the house before the fixed-interest period ends and the rate starts to rise, an ARM could end up in thousands of dollars in savings. In contrast, during periods where interest rates are falling, an ARM can allow you to get a low initial rate, and can save you more money if rates continue to drop.

An interest rate lock means that you’re guaranteed today’s mortgage interest rate for some predetermined period, typically 30 to 60 days. If interest rates have been trending upward, it’s generally a good idea to lock in your rate. While the prevailing mortgage rate doesn’t usually make a big move in a month or two, it’s certainly possible.

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