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You can go on the internet and look up different websites that give you good offers on your mortgage. You can find the best offers on-line without any effort.

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Option ARM vs. Fixed Rate Mortgage?

Option ARM vs. Fixed Rate Mortgage A fixed rate mortgage has the same payment for the entire term of the loan. The Option ARM uses a low initial rate to calculate your initial minimum monthly payment. Although the interest rate will increase after 1 to 3 months, your low payment will remain fixed for the entire year. This can produce a much lower monthly payment than a traditional fixed rate mortgage, or even an adjustable rate mortgage (ARM).


What is the advantage of a convertible adjustable-rate mortgage?

This type of mortgage vehicle gives the borrower the benefit of a low initial rate with the option to refinance to a fixed-rate mortgage at about half the typical refinance cost.


What is a high and low mortgage rate?

3% or lower is seen as low and 8% or higher is seen a high. the lower you can get that better and if you can get a fixed mortgage its better then if you get an adjustable.


What is the current interest rate on a fixed rate mortgage?

The interest on a fixed rate mortgage varies between 4% to 7% depending on several factors. The most important factor is the person's credit history. Persons with excellent credit history can get a very low fixed rate, persons with average credit history will get a higher rate. At the beginning of the mortgage, fixed rates generally are higher than variable rates.


What is the best rate of a 30 year fixed mortgage in the US?

Mortgage rates for a 30 year fixed mortgage in the US depend on which mortgage company you decide to to your business with. Rates can vary quite a bit with your choice of holder but they can be as low as 2.25% currently.

Related Questions

Where can I get a low fixed rate mortgage loan?

If you are interested in getting a low rate fixed mortgage loan, many banks offer this. Specific banks that specialize in the low rates are BMO and Scotiabank.


Option ARM vs. Fixed Rate Mortgage?

Option ARM vs. Fixed Rate Mortgage A fixed rate mortgage has the same payment for the entire term of the loan. The Option ARM uses a low initial rate to calculate your initial minimum monthly payment. Although the interest rate will increase after 1 to 3 months, your low payment will remain fixed for the entire year. This can produce a much lower monthly payment than a traditional fixed rate mortgage, or even an adjustable rate mortgage (ARM).


What is the advantage of a convertible adjustable-rate mortgage?

This type of mortgage vehicle gives the borrower the benefit of a low initial rate with the option to refinance to a fixed-rate mortgage at about half the typical refinance cost.


What is a high and low mortgage rate?

3% or lower is seen as low and 8% or higher is seen a high. the lower you can get that better and if you can get a fixed mortgage its better then if you get an adjustable.


What is the current interest rate on a fixed rate mortgage?

The interest on a fixed rate mortgage varies between 4% to 7% depending on several factors. The most important factor is the person's credit history. Persons with excellent credit history can get a very low fixed rate, persons with average credit history will get a higher rate. At the beginning of the mortgage, fixed rates generally are higher than variable rates.


What is the best rate of a 30 year fixed mortgage in the US?

Mortgage rates for a 30 year fixed mortgage in the US depend on which mortgage company you decide to to your business with. Rates can vary quite a bit with your choice of holder but they can be as low as 2.25% currently.


How high are mortgage fees right now?

The mortgage fees right now are quite low due to the economy. An all time low on many loan types, like the fixed rates loans. If you are looking at a fixed rate mortgage you can find alot of loans for less than 4.5% which is low.


What are reasonable refinance rates for a mortgage?

Reasonable refinance rates for a mortgage is quite complex. It actually depends on what type of mortgage you wish to lock into. For example, a 5 year variable rate can start as low as 2.5%, where as a 5 year fixed rate can start as low as 3.79%.


What is currently the lowest mortgage rate offered?

Currently the lowest interest rate offered on a 30-year fixed rate mortgage is 3.75 percent. Interest rates are historically low at the moment due to the economic downturn.


Is an adjustable rate mortgage better than fixed rate now?

It all depends on your situation. If you have a fixed rate now that is low then you are in good shape. A adjustable rate may be cheaper now but you may run the risk of in increasing.


What is Fixed Mortgage?

A fixed-rate mortgage has a fixed interest rate that you set when you take out the loan. These types of loans are usually issued in 15 or 30 year payback periods as well. Currently interest rates are very low. Also, the Fed may raise rates by 25 basis points.


What are the benefits of a fixed rate mortgage?

The homeowners know almost to the penny what they owe, it is very secure, and they feel good. Interest rate is low, various benefits. Some may not choose this because their rate/plan/mortgage is better or they do not like this one.