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A fixed-rate home mortgage offers a consistent interest rate for the life of the loan. Your monthly payments stay the same so you can plan accordingly.
What is a Fixed Rate Mortgage?
As the name implies, it’s a mortgage with an interest rate that stays the same for the life of the loan. A “conventional” fixed-rate mortgage is a loan that meets generally established guidelines for the size of the loan. Conventional fixed-rate mortgages usually come with lower interest rates than other fixed rate mortgage options like “Jumbo Loans” (for extremely large amounts) “FHA Loans” or “VA (Veteran’s Administration) Loans”.
For most home buyers, the attractive thing about a fixed rate mortgage is that your monthly payments will remain the same for the life of the loan. The alternative to a fixed-rate mortgage is called an ARM or Adjustable Rate Mortgage. The ARM can offer lower monthly payments during the first few years of the loan, but an ARM is subject to changes based on borrowing rates. If rates go up during the life of an ARM, the monthly payment may also go up. If you plan to stay in your new home for several years, a fixed rate mortgage is probably going to be your best choice but every situation is different! That’s why you should talk with a Blue Diamond Mortgage Expert from First National Bank to discuss your particular needs.
Contact a Blue Diamond Mortgage Specialist by clicking here. We’ll take the time to sit down with you to discuss current fixed rate options and the best mortgage product for your particular needs.