A new home is definitely one of the most exciting times life has to offer, and if you’re in the process of getting your first home you know exactly how exciting and challenging this time can be! One of the biggest decisions will be whether to get a fixed rate mortgage or an adjustable one.
While there’s plenty of advice given against adjust rate mortgages, most people do not stop and mention the benefits of a fixed rate mortgage. This guide strives to cover the benefits of a fixed rate mortgage so that you can make the best decision for your own unique situation.
One of the biggest benefits of a fixed rate mortgage is that the mortgage payments are static. They will not increase over time the way they can with an adjustable rate mortgage, which means that you always know what to expect from month to month. Now, this doesn’t mean that you can’t pay more than your monthly mortgage payment to bring the overall principal down, but if you need to keep a tight budget a fixed rate mortgage helps you do just that. Continue reading “Benefits of a Fixed Rate Mortgage”