Fixed Rate Mortgages

Written by Tara Peris
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New homeowners have an unprecedented number of loan options available to them these days; however, nothing rivals the security that comes with fixed-rate mortgages. For many first-time buyers, the stability associated with these types of loan packages is desirable as it allows for easier and more accurate financial planning. This in turn provides a peace of mind that is truly invaluable.

For most first-time buyers, the prospect of buying a new home is more than a little intimidating. Sure, there is a whole new world of interest rates and loan packages to explore, but at the heart of it all, there is a much more simple fear involved: How will I ever manage the debt?

Safe and Sound

From a financial standpoint, few things rival the significance of buying a home. For most people, a home is the biggest purchase they will ever make and a financial undertaking that requires ample preparation and maneuvering. The challenge is to be judicious so that you are protected as you take on this unprecedented debt.

Many homeowners find that the greatest security comes from knowing exactly what they will pay each month and precisely what to expect from their loan ten years down the road. For these consumers, nothing compares with the stability of a fixed-rate mortgage plan. Adjustable rates and balloon payments, although they help in the short run, can be hard to plan around in the long term. If you are new to the housing market, speak with an experienced lender about which loan packages are likely to be a good match for your needs and goals.

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