Fixed Rate Mortgage

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What Is A Fixed Rate Mortgage?

Key Benefits Of A Fixed Rate Mortgage

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How Does A Fixed Rate Mortgage Work?

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 CambridgeHomeLoan.com 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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