Fixed Rate Mortgages
Slow and steady...
Most applicants applying for mortgages are more concerned with potential than anything else:
- potential that the low rates of today will remain low for a long, long time
- potential for the continued growth of home equity values across the country
- potential for a financial windfall simply for making the steps for home ownership
This is a lot of potential, and unfortunately a potential that will remain unfulfilled. Why bargain with an adjustable rate when you can keep todays affordable rates forever with fixed rate mortgages?
Fixed rate mortgages have their benefits
There is a single benefit you will have by applying for fixed rate mortgages form the get go - the benefit of foresight. you will know exactly what your mortgage will cost you each and every month for the duration of your loan term, allowing you to prepare and make financial adjustments as necessary. With an AMR you have that foresight for an initial term of 3, 5, or 10 years - and then its gone, each year your rates adjusting to current market levels. If the rates stay low then you are fine - you will hold onto that low adjusting rate. But if the rates go up...
Making preparations for when the rates rise
Most lenders and other financial professionals agree that it isn't a matter of if mortgage rates will rise, but when. With fixed rate mortgages you don't need to worry for this certain rise in rate, and with Fixed Rate Refinance you should feel secure in knowing that fixed rate mortgages are still out there, ready for your attention and for you to take the steps necessary to fortify yourself. Because you need fortification - when the rates rise all cross the country those people in AMS will be begging for a refinance - and by securing your fixed rate mortgages today you will already be prepared for the changing rate tide.