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Fixed Rate Mortgages VS Adjustable Rates

Fixed Rate Mortgages are beneficial to borrowers on fixed incomes or who do not have the
financial means to cushion for the fluctuations of Adjustable rate mortgages. These rates give the home buyer stability by providing a fixed monthly payment that does not change through out the course of the loans life. Fixed rate mortgages are amortized into equal monthly payments over the term of 15 or 30 years depending on the terms of the loan. 15-year loans usually have a lower interest rate but yield a higher monthly payment to pay off the loan balance in half the time of that of a 30-year mortgage.

This loan can be beneficial to the borrower because the borrower pays less than half of the mortgages companies interest it pays on a 30- year loan. The total interest paid at the end of a 30-year loans life usually exceeds the principle sometimes by 1.5 times. 15-year home loans are popular among buyers who have the financial means to pay the higher
monthly payments and those who want to pay off their mortgages before their children attend college. It can also benefit middle age home buyers who would like to pay off their mortgages before retirement.

30-year loans are the most common mortgages. Most people do not have the financial means to finance a home over a 15- year period. 30-year loans offer lower monthly payments over a period of 360 months (360 payments) although the interest rates are typically higher than that of a 15-year loan. 30-year loans also mortgages companies give the buyer an option to pay the loan off in 23-years by using an accelerated payment plan. In this plan the borrower may make 13 payments a year instead of 12 by either a) making bi monthly payments every two weeks which the buyer makes a total of 26 payments with in the year instead of 25 or by b) paying an additional 1/12th of a mortgage payment on top of the scheduled monthly payments.

These options should be discussed with the lender to insure that the exceeded amounts are distributed entirely to the principle.

Milos Pesic is a mortgage agent and owner of a highly popular and comprehensive french mortgages
informational web site. For more articles and resources on different mortgages companies types of mortgages and loans, mortgage refinancing, mortgage lenders and brokers and much more, visit his site at:

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