Key Benefits
- Monthly payments are fixed over the life of the loan.
- Can refinance if rates go down.
- Protected if rates go up.
Advantage
With getting a fixed rate mortgage you are lock in on a rate for the life
of loan. Your monthly payment will remain the same throughout the life of the
loan. the interest rates on a fixed rate mortgage is higher than a
adjustable rate mortgage but is less risk.
Consider the option of a 30 year fixed rate if:
- You don't plan to move in the next ten years.
- You expect interest rates to go up in this time period.
- Your income will be staying the same over time.
Consider the 15 fixed rate option if:
- You can afford a higher monthly mortgage payment.
- You want to own you home in less than 20 years.
- You think that interest rates will go up over the 15 years
- You are planning on staying in the home after retirement
- Disadvantages:
* Higher interest rate.
* Higher mortgage payments.
* Rate dose not drop if interest rates
improve.
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