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Is a Fixed-Rate Mortgage right for you?

Why Choose a Fixed-Rate Mortgage?

Fixed-rate mortgages offer unmatched stability and peace of mind, making them an excellent choice for homebuyers seeking predictable, long-term financing. With a fixed-rate mortgage, your interest rate remains the same for the entire loan term, allowing you to lock in a stable monthly payment from day one, regardless of market fluctuations. If you value consistency in your financial planning, a fixed-rate mortgage provides the confidence that your housing costs won’t increase unexpectedly.

The Benefits of a Fixed-Rate Mortgage

  • Consistent Monthly Payments: Fixed-rate mortgages ensure that your principal and interest payments remain steady throughout the life of the loan. This predictability helps you budget and plan your finances, providing financial security for years to come.
  • Protection Against Rate Increases: When you lock in a fixed rate, you’re shielded from rising interest rates in the future. This can lead to significant savings over the long term, especially when interest rates are low.
  • Available Across Loan Types: Fixed-rate mortgages are offered with various loan programs, including FHA, USDA, VA, and conventional loans. This flexibility means you can find a fixed-rate option that meets your specific needs, whether you’re a first-time buyer, veteran, or looking for a rural property.
  • Flexible Loan Terms: Fixed-rate mortgages are available in terms ranging from 10 to 30 years, so you can choose the loan term that best aligns with your financial goals. Shorter terms often come with lower interest rates, while longer terms provide lower monthly payments.
  • No Prepayment Penalty: You have the freedom to pay off a fixed-rate mortgage early without incurring a penalty, allowing you to save on interest over time. Some homeowners even choose a bi-weekly payment plan, making a half payment every two weeks to pay off the loan faster and reduce total interest costs.

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What’s Included in Your Fixed-Rate Mortgage Payment?

While your principal and interest payments remain fixed, your overall monthly payment may vary if you have an impound account (escrow account) for property taxes and homeowners insurance. With an impound account, your lender collects a portion of these costs each month to cover taxes and insurance when they come due, avoiding large lump-sum payments. If your property taxes or insurance premiums change, your lender will adjust your impound account contribution accordingly, but your principal and interest payments will stay the same. Additionally, if mortgage insurance is required, it will be included as a fixed portion of your monthly payment.

Is a Fixed-Rate Mortgage Right for You?

If you want the assurance of a stable monthly payment, a fixed-rate mortgage is a smart choice. It’s ideal for homeowners planning to stay in their homes for a longer period, as it provides lasting security and predictability. This loan type offers the freedom to pay extra toward the loan if desired, allowing you to reduce your loan balance faster while still benefiting from the stability of fixed payments.

When you’re ready to enjoy the security of a fixed-rate mortgage, we are here to guide you through the process and find the best solution for your needs. Contact us today to discuss how a fixed-rate mortgage can help you achieve lasting financial confidence in your homeownership journey.

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Licensed Mortgage Professional

Monica Vozza - Licensed Mortgage Professional