Florida Mortgage Lender Blog & Real Estate News

When people think about buying one of the homes for sale in Florida, many first research mortgage rates, mortgage loans, how they work and what it might cost them. However, with the many loan types available and all the technical jargon used to describe them, how do you know which one is best for you?

Fixed-rate mortgages are one of the most popular and classic form of loans for those buying homes for sale in Florida. Why?

Pros and Cons of Fixed-Rate Mortgages

Like anything else, fixed-rate mortgages have pros and cons. Understanding the benefits and issues can help you decide whether the fixed-rate mortgage is the right loan for you.

Pros

  • Fixed-rate mortgages protect you from rising interest rates, which is especially helpful if you plan to live in the home for more than five years. With most loans, mortgage rate changes can somewhat, or greatly, affect your monthly payment.
  • Because fixed-rate mortgages don’t change, you’re better able to budget and plan. For example, if your mortgage payment is $900 a month, you know that, for the length of your mortgage terms, you will always pay $900 a month.
  • When interest rates are low, fixed-rate mortgages are very affordable.

Cons

  • When interest rates are high, fixed-rate mortgages can be expensive.
  • If interest rates go down, your payment doesn’t.
  • The interest, and thus the payments, on fixed-rate mortgages are typically higher than interest and payments on adjustable-rate mortgages.

For many looking to buy one of the homes for sale in Florida, a fixed-rate mortgage is the best type of loan. However, before you run out and sign the papers, make sure it’s the best mortgage type for you.

If you’re looking for a great home, we can help. Call us at 407-876-5771 for more information.

Posted by Real Estate - Associates on October 1st, 2010 8:25 AMPost a Comment (1)
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