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Compare the Fixed Rate Mortgage with an ARM
from:Comparing mortgage rates is always a good thing to do when you are shopping around for a fixed rate mortgage. Interest rates vary from one fixed rate mortgage to another, so it is helpful to check around on the Internet to compare the different lending companies and their fixed rate mortgage ad. The ad listed is not necessarily the interest rate you will be offered when you apply for a mortgage loan. The interest rate you are offered will be determined by many factors.
Your credit rating is a major determining factor determining the amount of interest you will be charged with a fixed rate mortgage loan application. Whether or not you have been on time with your monthly payments is a big factor. If this is your first major purchase, and you have no prior credit, you may get a higher interest rate than someone who has proven their credit status by having a clean record with monthly payments made on time.
Fixed mortgage rates differ from adjustable rates mortgages (ARM); the fixed rate stays the same, and the ARM will fluctuate from time to time. The ARM will usually start out low and then gradually increase. The payment in an ARM loan will increase or decrease as reflected by the fluctuation in the interest rate. A fixed rate mortgage payment will stay the same throughout the term of the loan.
A fixed rate mortgage over a 15 year loan will save much more money in interest than a 30 year loan. If you were to compare loans for $100,000 and the 30 year loan at 6.25 percent interest, the amount of interest would be about $121,000, and a 15 year loan with 6 percent interest would amount to almost $52,000 paid in interest. Though the monthly payments in a 15 year mortgage loan are higher, it does save a significant amount of money compared to the 30 year loan with a fixed rate mortgage.
Getting preapproved for a mortgage loan with many different lending institutions is key to getting the best fixed rate mortgage option. Let the lenders compete for your business. Each lender will want your business and they will try to offer you the least amount of interest and still make a profit themselves. A person with a clean credit report could hold out for the lowest bidder, and that is what many borrowers do if they are not in a hurry to make the deal.
Before going to your lending company to sign the papers on a loan, be sure to check your credit rating. If you find any charge offs or unpaid bills that went into collection be sure to clean it up. Nothing could be worse than going to a lender with a bad credit history, so if your credit rating is less than perfect, take the time to pay off these creditors to remove the negative reports. With a good credit rating you can get a loan with a much lower interest rate. When your credit rating is good there is nothing standing in your way for a low fixed rate mortgage.
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Fixed Rate Mortgage Specific links
Fixed Rate Mortgage News
30-Year Mortgage Rate: 4.32% - Wall Street Journal
 Washington Times | 30-Year Mortgage Rate: 4.32% Wall Street Journal Yields, which move inversely to prices, are generally tracked by mortgage rates. But the 30-year fixed-rate mortgage averaged 4.32% for the week ended ... Rebuild the path to the American homeownership Freddie Mac: 30-yr fixed-rate mortgage dips again Today's 30-Year Fixed Rate Mortgage Current Freddie Mac Report News; Mortgage ... |
Mortgage Rates Don't Affect Loan Applications as much as you'd Think - FreeRateUpdate.com
 FreeRateUpdate.com | Mortgage Rates Don't Affect Loan Applications as much as you'd Think FreeRateUpdate.com ... Mortgage rates are back to their all-time record low of 4.00 percent with a standard 0.7 to 1.0 point origination for a 30-year fixed rate mortgage and ... Mortgage applications rise 2.7 pct on low rates Home loan demand rises as rates hit new low CONSUMER FINANCE: A 15-Year Mortgage Isn't For Everyone |
Refinance Mortgage Loans Vary From Lender To Lender So Be Careful - Mortgage11
 News Quench | Refinance Mortgage Loans Vary From Lender To Lender So Be Careful Mortgage11 Think cautiously regarding what kind of home mortgage refinance loans are the good and would fit for you: a traditional 30-year fixed-rate or something like ... President Obama's economic policy subsidizes failure |
Housing on the Brink - New York Times
 Reuters India | Housing on the Brink New York Times Willing buyers today are responding to low mortgage rates — recently 4.3 percent for a 30-year fixed-rate mortgage — and to prices they find fair. ... Mortgages Lose Ground in Best Month for Bonds Since 2008: Credit Markets Fannie and Freddie fund $10 million of CRE in the Northeast NY Fed Advocates Lender Cooperative as Replacement For Fannie and Freddie |
No increase in mortgage costs seen for Sept. - Toronto Sun
No increase in mortgage costs seen for Sept. Toronto Sun It was the 12th consecutive fixed-rate cut since April. Banks typically fund their fixed-rate mortgage lending from instruments tied to bond yields. ... Bank of Canada Expected to Hold Off on Rate Increase |