Best Fixed Rate Mortgage

Finding the best fixed rate mortgage is determinant upon what type of loan you are looking for, and the goals you may have or need accomplished.  Some things to consider, is total interest paid, versus the interest rate itself.  Not just the Note Rate or even the APR, but the term of the loan, has a large influence on how much mortgage interest you'll be paying.  Loans are amortized over a certain length, such as 10 years, to as high as 40 years or longer.  The most popular are 30 years, but if you're goal is to retire in 15 or say 25 years, it may not be the best mortgage loan for you.  Why not look at a 15 year or 25 year mortgage, and both pay less interest monthly, and payoff your home sooner, and be prepared for retirement? 

In addition to retirement age, and/or the goal you have for full home loan payoff, other factors to consider to find the best fixed rate mortgage for you, are whether cash out or debt consolidation may also be beneficial for you.  Looking at other high interest debt you have such as credit cards, installment loans, and possibly even auto loans, it may make sense to for the long term, to consolidate them as well.  This can have both a large monthly savings, but you may be able to afford a significantly shorter 10 year mortgage, instead of a 30 year, by eliminating all high interest debt.  Imagine being completely debt free in 10 years!  Also, by shortening your term, the interest rates are as much as .50% lower!  However, the biggest interest rate savings, is by reducing your amortization to 10 years, versus 30.  It's often typical to save well over $100,000+ in mortgage interest, by such reduced term.  Keep in mind, you're charged interest for just 10 years, not 30, which is a huge savings! 

When you have a general idea of what is best for you, the next step is to start getting mortgage rate quotes.

30 Year Fixed Rate Mortgage or a 15 Year Fixed Rate Mortgage

Back to Fixed Rate Mortgage Home.