Are you looking for the best fixed rate mortgage deal? If you are in the market for a house then you are probably trying to find the best rate with the best terms. A few years ago it was possible to get an adjustable loan with a low payment, but with the sub prime lending bubble collapsing those days are gone. Today most lenders prefer to offer you the choices of having a 30 year fixed or a 15 year fixed mortgage. Furthermore, the fallout from these risky loans has led many consumers back towards the conservative fixed-rate loans.
Getting the best fixed rate mortgage is a task in and of itself with the current mortgage market the way it is. We have seen interest rates move from 4.8% to 5.6% and back down to 5.1%. Sometimes there are daily movements of as much as a full percentage point. This makes it very difficult to get the best home loan available. If you go on a Monday and get quoted at 5.2% you could very well see rates at 5.5% by Friday. This makes the mortgage decision even that much more difficult.
The best fixed rate mortgages can be found with detailed research. The services you need will be offered by a multitude of companies competing for your business. Aside from a fixed rate, the choices you will be offered are quite different. The entire time you have your mortgage loan, the interest on it will not change with a fixed rate. As the housing market goes up and down, and the rates with it, you loan will stay the same. So while others, who have not chosen fixed rate, will have payments that keep increasing, yours will stay the same.
The fixed rate mortgage is the most stable way to pay for your home. No matter what, you are going to get consistent monthly payments. An adjustable rate mortgage is constantly adjusting to the rates that are often unknown my the owner of the home. After a certain period of time, the overall rate of the loan will adjust to something much higher. Sometimes this is three years, sometimes its five and in all reality the mortgage lender can make it any period of time after the loan is signed.
If you want to better understand the different terms and how the mortgage market works there is a wealth of information available on the internet. You could do your own research to find the best fixed rate mortgage however I would recommend using the services of a mortgage broker. The best deals often don't last long, it's a get it before its gone situation so to ensure you don't miss out it is recommended you use their services.
This article has been written by the author, Nicholas Brown. Should you require any moreBest Fixed Rate
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