September 13th, 2018

Mortgages

Buying a home can be exciting. The process of finding the right home, making an offer, and eventually moving in is one that nobody forgets. But the financial side of the process can be much more stressful and confusing. Finding the right mortgage loan will be one of the most important steps that you take, but is often more work than homebuyers expect.

With that in mind, the simple fact is that learning more about the loan options can help you buy with more confidence. And for most home buyers, a fixed rate mortgage is likely to be the best mortgage option available. Luckily, it's easy to understand the basics of these loans.

What Is A Fixed Rate Mortgage

As its name suggests, a fixed rate mortgage is a type of mortgage loan that has a set interest rate that never changes over the life of the loan. This means that your monthly payments won't change, your interest rates won't change, and you'll have a clear idea as to how to fit your mortgage into your budget at all times. This is in contrast to ARMs - Adjustable Rate Mortgages - that have interest rates that can change over time and change your monthly payments along with them.

In most cases, you'll have 15 or 30 years to pay off your mortgage. You'll agree upon the terms and the length of your mortgage when you receive it. It's important to choose one that fits your specific needs.

Pros And Cons Of The Fixed Rate Mortgage

There are a few pros and cons of using a fixed rate mortgage. Here's a rundown of the main advantages offered by this type of loan:

Stable monthly payments

Make it easy to predict monthly expenses and fit your loan into your budget.

No risk

Your loan payment won't rise to levels so high that you struggle to make them.

15 or 30-year terms

It's easy for you to select the loan option that fits your needs and your budget.

You can take out your mortgage with more confidence.

Potential Drawbacks

Like everything else in life, fixed-rate mortgages have potential negative attributes. Study them before jumping in. 

The interest rates are fixed

Higher than the initial interest rates on an ARM would be. For longer terms, you will pay far more than you would for shorter terms.

The bottom line here is that fixed rate mortgages are generally the best option for those who are planning on staying in their home for years to come, thanks to the stability that they offer. This is why they're the most popular loan option for homeowners.

Getting your Loan

Getting the right loan for your needs is important, and shouldn't be a huge hassle that you struggle with. Contact a local mortgage team today to get the loan you need without the hassle.

Deb Klein Team

3115 South Price, Suite 115, Chandler, AZ 85248 480-550-0211
The Deb Klein Team is the preferred home mortgage consultants located in Chandler, AZ. They are dedicated to finding great rates and loan options for their customers while providing fast turn times. The Deb Klein team has helped over 2000 customers achieve their dream of homeownership, and they are ready to assist you with your home financing.

Kyle Bambu

Deb and her team are fantastic at what they do! I worked primarily with Jake Mullins who knew the inside and out of the loan process. He was very accommodating and worked with me despite not knowing if he would get a deal or not. I originally had planned to go with a different lender, but in the end, Jake was able to get me a much better offer while also providing MUCH better service. He kept me informed throughout the entire process and got personally involved when issues arose so that he could keep my loan on track for closing. Highly recommend whether you are a veteran in RE or a first time home buyer!

09-16-2020

Stephanie Scoggin

Deb’s team was super helpful and patient, which I appreciated as a first time home buyer! They took time to answer all of my questions and made sure I understood what was happening every step of the way. The entire process was easy and seamless.

10-22-2020

Becky Robbins

Deb Klein and her team make the process smooth, easy and straightforward. I worked with Primary Residential Mortgage in another state and was referred to her team when I moved to AZ. I had great experiences with their staff in both states and found their fees reasonable compared to other companies. Highly recommend Deb and her team!

09-28-2020

Ryan Barlow

Great team! I really gave them a run for their money, but Deb's team pulled through. Excellent customer service, friendly, timely and professional. Happy with my new rate, and getting rid of PMI. :)

09-10-2020

William Kallio

A excellent very professional business person. Really knows the business. Very helpful and great person. Went out if her way to help me Re-fi.

09-28-2020

Mohamud O.

Going through Deb's team made the home buying process seamless with all the portal instructions and easy navigation. Jake helped my fiancée and I buy our...

2020-07-05

Roy J. DuPrez

Deb was SUPER helpful and was able to tactfully assist through some obstacles that enabled me to access the home I love living in today!

2018-09-18

Brian Lombardi

Deb has done several mortgages for me in the past. There's no one better when it comes to working on your behalf and her follow-up is impeccable. If you have a mortgage need, she's the one to go to.

2018-03-07

Ryan Hall

2017-02-15

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