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MBA Urges Regulators To Avoid Invoking Suitability Standards
The Mortgage Bankers Association (MBA) recently made a preemptive strike against what it obviously perceives as the next threat against the mortgage industry - "suitability standards." Read more...

 

Options And Advantages Of Fixed Rate Mortgages

Fixed rate mortgage loans are for consumers who want financial consistency and stability from the financial products they take on. With a fixed rate mortgage loan your interest rate will not change over the life of the loan, unlike the adjustable mortgage loans that change in accordance with a market index. There are many fixed rate mortgage options available on the market nowadays and a few of the most common ones are listed below in this article.

You can get a new fixed rate mortgage loan, the lender will help you figure out how much you can afford by calculating your debt as well as other monthly expenses and subtracting them from your gross income.

Refinancing a loan allows homeowners to pay off an the existing home loan with the proceeds of another loan using the same property as collateral. These loans are often easy to obtain and this is a good thing because they offer substantial savings to most homeowners by offering a lower interest rate that will in turn lead to lower monthly payments. Also, if you include debt consolidation, you can save even more money on your monthly bills by disposing of those high interest credit card loans, student loans and/or car loans. To find out if you qualify for refinancing with a fixed rate mortgage, simply fill out one of the many online mortgage applications available online.

A fixed rate mortgage can be beneficial in many ways and it's great for consumers who rely on a fixed income because they have no surprises with the monthly payments. Locking in a fixed rate mortgage can offer substantial savings over an adjustable rate mortgage, especially in times when the market index is high. All lenders offer a variety of programs for their customers looking for a fixed rate and will offer a variety of loan terms to fit your needs.

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