With the changes and volatility in the market these days, some borrowers are looking for the stability offered in a fixed-rate mortgage. While fixed-rate mortgages traditionally have a slightly higher rate than adjustable-rate mortgages, many borrowers can save money in the long run by locking in one of today’s historically low rates while avoiding the uncertainty of future rate adjustments.
30-Year Fixed-Rate Advantages:
- Homeowners enjoy the security of knowing exactly what your mortgage payment will be each month.
- Borrowers also have the option of making additional payments or a larger monthly payment to pay off the loan more quickly. Making one extra payment each year can reduce a 30-year fixed loan payoff period by almost 4 years.
When deciding on a 30-year fixed-rate mortgage, it is important to review your current situation and determine what is most important for your financial goals. You should consider current interest rates, the length of the loan’s payment period, and the number of years that you plan on staying in the home.
For more information on a fixed-rate mortgage, contact a Financial Specialist today for a free quote! We can help you review your situation and determine the best option for your future.
