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Fixed Rate Mortgage Loan

What are fixed rate mortgages?

A fixed rate loan provides stability with a set interest rate that remains unchanged for the life of the loan, offering a predictable monthly payment. Good for borrowers who want stability and security in their monthly housing costs, especially those staying in their home long-term.

Fixed Rate Mortgages

  • Provides a set interest rate that remains unchanged for the life of the loan, offering a predictable monthly payment.
  • Offers stability and security in the monthly housing costs.
  • Protects against changes in the interest rate market.
  • Good choice for borrowers who plan to stay in their home for an extended period of time.
  • Provides peace of mind knowing that the monthly payment will remain the same.
  • Can allow for easier budgeting and financial planning.
  • Can be a good option for those who do not want to take on the risk of rising interest rates.
  • May offer a lower interest rate compared to adjustable rate loans.
  • Can be a good choice for those who want to lock in a low interest rate.

Adjustable Rate Mortgages

  • A fixed rate loan offers a set interest rate that remains unchanged for the life of the loan.
  • The interest rate is determined at the time the loan is originated and does not change.
  • The monthly mortgage payment consists of both principal and interest, and remains the same throughout the life of the loan.
  • Fixed rate loans can have a term of 10, 15, 20, 25, or 30 years.
  • Fixed rate loans are typically offered by banks, credit unions, mortgage companies, and other financial institutions.
  • The interest rate on a fixed rate loan may be slightly higher than an adjustable rate loan, but the monthly payment remains the same.
  • The lender may require a down payment, an appraisal, and proof of income and employment.
  • Fixed rate loans may have origination fees, closing costs, and other fees associated with obtaining the loan.
  • Fixed rate loans may have a pre-payment penalty for paying off the loan early.

Interested in a Fixed Rate Mortgage Loan?

Contact us! One of our mortgage specialists would be happy to answer all your questions and get you started with a great low rate today!

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At Cornerstone First Mortgage, LLC. we are dedicated to delivering high-quality customer service and offer an extensive range of home loan programs with competitive rates to deliver a solution that best fits the need of each client.

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www.nmlsconsumeraccess.org

NMLS ID #173855

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© 2024 Cornerstone First Mortgage, LLC. All Rights Reserved. NMLS ID #173855 Equal Opportunity Lender.

© 2023 Cornerstone First Mortgage, All Rights Reserved. NMLS ID #173855 Equal Opportunity Lender.