Compare Fixed Rate Mortgages And Find Out About 50 Year Mortgages
If you plan on staying in your home for 10 or more years and want your mortgage payments to stay at one stable rate, you should consider a fixed rate mortgage. Available for 10, 15, and 30 years, fixed rate mortgages give you the comfort of knowing your monthly payments will never increase. This is especially advantageous when interest rates are low youll lock in the current rate for the duration of your loan, whether its 10, 15, or 30 years, so youre safeguarded from rising interest rates in the future.
When choosing between the different types of fixed rate mortgages, there are a few things to consider. A longer term mortgage (such as the 30 year fixed rate mortgage) has lower monthly payments than 10 and 15 year mortgages. On the flip side, it also has higher interest rates. And, since youre locked into your interest rates for the entirety of the loan, there may be times when interest rates go down but youre stuck paying higher interest rates.
Of course, with a 10 or 15 year mortgage, you may also risk paying higher rates than the current interest rates but since they are shorter term,...
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