Welcome to Fixed Rate Mortgage Guide
Fixed Rate Mortgage Quote Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Compare the Fixed Rate Mortgage with an ARM
from:Comparing mortgage rates is always a good thing to do when you are shopping around for a fixed rate mortgage. Interest rates vary from one fixed rate mortgage to another, so it is helpful to check around on the Internet to compare the different lending companies and their fixed rate mortgage ad. The ad listed is not necessarily the interest rate you will be offered when you apply for a mortgage loan. The interest rate you are offered will be determined by many factors.
Your credit rating is a major determining factor determining the amount of interest you will be charged with a fixed rate mortgage loan application. Whether or not you have been on time with your monthly payments is a big factor. If this is your first major purchase, and you have no prior credit, you may get a higher interest rate than someone who has proven their credit status by having a clean record with monthly payments made on time.
Fixed mortgage rates differ from adjustable rates mortgages (ARM); the fixed rate stays the same, and the ARM will fluctuate from time to time. The ARM will usually start out low and then gradually increase. The payment in an ARM loan will increase or decrease as reflected by the fluctuation in the interest rate. A fixed rate mortgage payment will stay the same throughout the term of the loan.
A fixed rate mortgage over a 15 year loan will save much more money in interest than a 30 year loan. If you were to compare loans for $100,000 and the 30 year loan at 6.25 percent interest, the amount of interest would be about $121,000, and a 15 year loan with 6 percent interest would amount to almost $52,000 paid in interest. Though the monthly payments in a 15 year mortgage loan are higher, it does save a significant amount of money compared to the 30 year loan with a fixed rate mortgage.
Getting preapproved for a mortgage loan with many different lending institutions is key to getting the best fixed rate mortgage option. Let the lenders compete for your business. Each lender will want your business and they will try to offer you the least amount of interest and still make a profit themselves. A person with a clean credit report could hold out for the lowest bidder, and that is what many borrowers do if they are not in a hurry to make the deal.
Before going to your lending company to sign the papers on a loan, be sure to check your credit rating. If you find any charge offs or unpaid bills that went into collection be sure to clean it up. Nothing could be worse than going to a lender with a bad credit history, so if your credit rating is less than perfect, take the time to pay off these creditors to remove the negative reports. With a good credit rating you can get a loan with a much lower interest rate. When your credit rating is good there is nothing standing in your way for a low fixed rate mortgage.
Fixed Rate Mortgage Quote Specific links
Fixed Rate Mortgage Quote News
30-Year Fixed Mortgage Rate Rises Slightly After Falling to All-Time Low Last ... - MarketWatch (press release)
30-Year Fixed Mortgage Rate Rises Slightly After Falling to All-Time Low Last ... MarketWatch (press release) SEATTLE, May 22, 2012 (GlobeNewswire via COMTEX) -- The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 3.63 percent, up four basis points from 3.59 percent at this same time last week. The 30-year fixed mortgage rate hovered ... |
Second Consecutive Week Of Record-Low Fixed Mortgage Rates - Sacramento Bee
 USA TODAY | Second Consecutive Week Of Record-Low Fixed Mortgage Rates Sacramento Bee By Freddie Mac MCLEAN, Va., May 10, 2012 -- /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates hitting new all-time record lows for the second ... Zillow reports 30-year mortgage rate decline 30-Year Fixed Mortgage Rate Drops to New Record Low; Current Rate is 3.65 ... |
Zillow: US 30-Year Mortgage Rates Fall For 4th Straight Week - Wall Street Journal
 Daily Mail | Zillow: US 30-Year Mortgage Rates Fall For 4th Straight Week Wall Street Journal Zillow Inc. (Z) said Tuesday its real-time measure of 30-year fixed mortgage rates dropped for a fourth week in a row. The 30-year fixed mortgage rate on Zillow's Mortgage Marketplace fell to 3.59%, from 3.65% a week earlier. The rate hovered around ... 30-Year Fixed Mortgage Rate Hits New Record Low For Second Consecutive Week ... Mortgage Rates Match All-Time Lows; "Wall" Begins Cracking |
Low Rates Are Much Needed Boost for Ailing Housing Market - Mortgage Daily
 Moneycontrol.com | Low Rates Are Much Needed Boost for Ailing Housing Market Mortgage Daily Throughout the recession and sluggish recovery, mortgage rates have been mostly on the decline, setting several record lows along the way. This past week, the average fixed-rate for a 30-year mortgage fell to 3.79 percent, according to Freddie Mac's ... Mortgage rates at record lows as 30-yr at 3.79% |
Zillow: US 30-Year Mortgage Rates Fall A Second Week In A Row - Wall Street Journal
 Telegraph.co.uk | Zillow: US 30-Year Mortgage Rates Fall A Second Week In A Row Wall Street Journal Zillow Inc. (Z) said Tuesday its real-time measure of 30-year fixed mortgage rates slid for a second week in a row. The 30-year fixed mortgage rate on Zillow's Mortgage Marketplace edged down to 3.69%, from 3.72% a week earlier. The rate hovered around ... 30-Year Fixed Mortgage Rate Continues to Slide, Current Rate is 3.69 ... |