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Fixed Rate Mortgage Loans - Understand the Pros and Cons of the Fixed Rate Mortgage

There are many benefits and drawbacks to consider when deciding if a fixed rate mortgage is right for you. It is important to look at all options when it comes to something as important as getting a mortgage for your new home.

There are a few benefits to fixed rate mortgages. One benefit is that the rates and payments remain constant. There won't be any surprises even if inflation surges out of control and mortgage rates head to 20%. This kind of stability makes budgeting easier. People can manage their money with more certainty because their housing expenses won't change. Fixed rate mortgages are simple to understand making them appealing and good for first time buyers. Also longer term fixed rate mortgages are very affordable.

There are also a few drawbacks to fixed rate mortgages. To take advantage of falling rates, mortgage holders would have to refinance. That can mean a few thousand dollars in closing costs, another trip to the title company's office and several hours spent digging up tax forms, bank statements etc. Fixed rate mortgages can be too expensive for some borrowers, especially in high rate environments, because there is no early on payment and rate break like there is with adjustable rate mortgages. Fixed rate mortgages are practically identical from lender to lender. While lenders keep many adjustable rate mortgages on their books, most financial institutions sell their fixed rate mortgages.

There are a few other important questions you should make sure you have answers to when deciding which type of mortgage is better for you. How long do you plan on staying in the home? How frequently does the adjustable rate mortgage adjust, and when is the adjustment made? What's the interest rate environment like? Could you still afford your monthly payment if interest rates rise significantly? Do you know the main pros and cons for each type of loan?

Generally, fixed-rate mortgages are a safer way for first time home buyers to get a mortgage. There is greater stability and less risk involved. It is easy to budget and regulate your expenses when you know exactly what your interest rate will be.

To view our list of recommended mortgage loan companies online, visit this page: Recommended Mortgage Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide. It is an informational loan website, with informative articles and the latest finance news.

MORE RESOURCES

Housing Wire

Obama pressures Congress on mortgage refinance program Fox News WASHINGTON – President Obama is rallying support for his plan to expand government assistance to homeowners, pressuring Congress to help lower lending rates for millions of strapped homeowners. Obama, in his radio and Internet address Saturday, ... President Obama's Mortgage Refinance Plan Just a Bid for VotesYahoo! Contributors Network Obama Unveils Mortgage Refinance EndeavorsMortgageorb Obama to Announce New FHA Mortgage Refinance ProgramGo Banking Rates Housing Wire -MarketWatch -CBS Moneywatch all 1,239 news articles »

MonitorBankRates.com

Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% MonitorBankRates.com Mortgage refinance rates on 30 year conforming home loans are averaging 3.98%, unchanged from yesterday's average 30 year mortgage refinance rate. Mortgage refinance rates today on 15 year home mortgage loans are averaging 3.29%, down from yesterday's ... and more »

Fox News

Obama Proposes Mortgage-Refinance Plan Wall Street Journal By NICK TIMIRAOS President Barack Obama called on Congress during Tuesday's State of the Union address to approve new legislation that would give all homeowners who are current on their mortgages the opportunity to refinance at record low mortgage ... Obama proposes mortgage refinance programPolitico (blog) Will Obama's Mortgage Refinance Plan Be D.O.A.?U.S. News & World Report Obama proposes new mortgage refinance programHousing Wire Daily Caller all 314 news articles »

International Business Times

FOX 11 News Discussion: State of the Union MyFox Los Angeles And he aimed a pitch at homeowners, announcing a new mortgage refinance program with "historically low interest rates" that "gives every responsible homeowner the chance to save about $3000 a year on their mortgage." He added, "A small fee on the ... Winning Words, But Not a WinnerU.S. News & World Report Obama State of the Union 2012: Mortgage Refinance Changes Face ObstaclesInternational Business Times all 12,250 news articles »

CBS Local

Six Questions on Obama's Mortgage Refinance Proposal Wall Street Journal (blog) By Nick Timiraos President Barack Obama said Tuesday night in his State of the Union address that he would send a plan to Congress to allow all homeowners who are current on their mortgages to refinance. Here's a quick look at the proposal: How is this ... Obama plan could help refinance Bay Area mortgagesSan Francisco Chronicle all 19 news articles »

KOMO News

Living large? Get the best rate on your jumbo mortgage refinance NASDAQ If you buy apparel from "big and tall" clothing stores, you're used to paying more and having less to choose from. "Regular guys," on the other hand, benefit from a wider selection of products and more competition between retailers. Mortgage Interest Rates Move Higher: 15 Year Mortgage Interest Rates at 3.34%MonitorBankRates.com all 113 news articles »

AgedLeadStore.com to Add 1100000 Aged Mortgage Refinance Leads Middle East North Africa Financial Network COM, January 26, 2012 ) Baltimore, MD AgedLeadStore.com is increasing its value for its customers by adding 1.1 million aged Mortgage Refinance Leads in February. This is important as many people depend upon their ability to refinance to make progress ...

High Volume Stock Movers: Bank of America, Sprint, Cisco, Annaly, Sirius Feb. 8th Wall St. Cheat Sheet By Derek Hoffman Bank of America Corp (NYSE:BAC): The US's Home Affordable Refinance Program has increased mortgage refinance applications and strained capacity at Bank of America, leading the bank to ask some customers to wait 60 to 90 days, ...

New HARP Could Help Up to 6.7 Million NASDAQ Other changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ... and more »

Boehner On Refi Plan: Bad Idea, Obama! Mortgageorb by MortgageOrb.com on Thursday 02 February 2012 Any hope for bipartisan support of President Obama's mortgage refinance proposal was squashed by House Speaker John Boehner, who dismissed the new initiative as a continuation of failed policies. and more »

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