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CENTURY 21 |
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Mortgages and Loan ProgramsFixed Rate Mortgage[ 15 Year Fixed ] [ 20 Year Fixed ] [ 30 Year Fixed ] A fixed rate mortgage means the interest rate and principal payments remain the same for the entire life of the loan. (Taxes, of course, may change.) Advantages include consistent principal and interest payments make this loan stable your rate won’t change, so you don’t need to worry about market fluctuations. A good choice if you’re likely to stay in this house for a long time. Disadvantages include a possibly higher cost - these loans are usually priced higher than an adjustable rate mortgage. Keep in mind that, on average, most people move or refinance within seven years. If rates in the current market are high, you’re likely to get a better price with an adjustable rate loan. |
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