0
A fixed rate mortgage is advantageous because the borrower will know that their payments are fixed. This type of mortgage also generally has lower rates that a 30 year one.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What are the advantages of a 30 year fixed rate mortgage over a 5 year renewable mortgage?
A thirty year fixed rate mortage offers better overall savings. A five year renewable mortgage offers the advantage of being renewable, and so you can cancel it.
What is a Conforming 30 Year Fixed Rate?
A conforming 30 year fixed rate mortgage is a loan where the interest rate is fixed and will not change throughout the term of the mortgage. The mortgage must also conform to the Fannie Mae and Freddie Mac guidelines.
What is the rate for a five year fixed mortgage at North Mortgage?
The five year fixed mortgage rate at North Mortgage is 2.79%. North Mortgage is an Alberta based company that has a 1877 number as well as the ability to apply online.
What are the current rates offered by Amerisave Mortgage?
For loans $417,000 and lower, the rate is 2.750% for a thirty year fixed mortgage. For a fifteen year fixed mortgage the going rate is currently at 2.25%.
What is the current refinance mortgage rates?
If you are refinancing your mortgage for a 30 year fixed rate you can expect a rate of about 4.250% and if you are refinancing your mortgage for a 15 year fixed rate you can expect a rate of about 3.375%. Of course, this will vary with credit rating, current mortgage standing, etc.
What are the advantages of a 30 year fixed rate mortgage over a 5 year renewable mortgage?
A thirty year fixed rate mortage offers better overall savings. A five year renewable mortgage offers the advantage of being renewable, and so you can cancel it.
What are the advantages of rbs mortgages?
"RBS stands for Royal Bank of Scotland and there are advantages to having an RBS mortgage. A few of the advantages are a two year fixed mortgage, with a 3.09% rate for two years."
What is a Conforming 30 Year Fixed Rate?
A conforming 30 year fixed rate mortgage is a loan where the interest rate is fixed and will not change throughout the term of the mortgage. The mortgage must also conform to the Fannie Mae and Freddie Mac guidelines.
What's the cheapest home purchase interest rates in the chicago area?
As of Tuesday, October 25, the rate for a 15 year fixed mortgage in the Chicago area was 3.618%. For a 30 year fixed mortgage, the rate was 4.321%, and for a 40 year fixed mortgage, the rate was 4.506%.
What is the rate for a five year fixed mortgage at North Mortgage?
The five year fixed mortgage rate at North Mortgage is 2.79%. North Mortgage is an Alberta based company that has a 1877 number as well as the ability to apply online.
What are the current rates offered by Amerisave Mortgage?
For loans $417,000 and lower, the rate is 2.750% for a thirty year fixed mortgage. For a fifteen year fixed mortgage the going rate is currently at 2.25%.
What is the current refinance mortgage rates?
If you are refinancing your mortgage for a 30 year fixed rate you can expect a rate of about 4.250% and if you are refinancing your mortgage for a 15 year fixed rate you can expect a rate of about 3.375%. Of course, this will vary with credit rating, current mortgage standing, etc.
Does the chase mortgage department offer better rates than bank of America?
Chase currently offers two different fixed rate mortgages. The first of which is a 30 year mortgage with a 4.5% rate. The second is a 15 year mortgage with a 3.5% rate. Bank of America offers their 30 year fixed rate mortgage with a 4.375%. Their 15 year mortgage boasts a 3.624% rate. So, when comparing the two banks, Bank of America has a better rate for the 30 year fixed rate mortgage with a 4.375% as opposed to the 4.5% rate for Chase. For the 15 year fixed rate mortgage, Chase leads the way with a 3.5% rate while BOA offers a 3.624% rate.
What is the average mortgage percentage rate in the state of Colorado?
Average Mortgage rate in Colorado depends on your choice of a 15 year mortgage or a 30 year fixed mortgage. There are also other variables. if you chose the 15 year mortgage, it would be around 2.75%. If you choose the 30 year fixed mortgage, your rate would be around 3.7%.
What describes how a fixed rate mortgage works?
A fixed rate mortgage is a loan to buy a house and/or property in which the interest rate charged is 'fixed' or does not change. For instance, if you take out a 30-year fixed rate mortgage, you will have the same interest rate for the first payment as you will for the last payment, 30 years later.
What is the national average right now for mortgage interest rates?
The national average for a 30 year fixed mortgage rate is 4.89%. This rate can either increase or decrease depending on the loan ammount. As of March 6, 2010, the national average mortgage interest rate for a 30 year fixed rate loan is 5.31%. The national average mortgage interest rate for a 15 year fixed rate loan is 4.68%.
Which is the lowest fixed rate mortgage in the market?
The lowest fixed rate mortgage in the market is 2.99% in Canada, and if one goes for a five year fixed mortgage, it is only 2.75% in Canada. One can try to compare rate by going on the sites of various banks.
