No Surprises with Interest Rates
One of the main advantages of a fixed rate mortgage is that you don’t have to worry about sudden interest rate hikes. When you lock in a fixed rate, you know exactly what your payments will be for the entire life of your loan. This makes budgeting easy and allows you to plan ahead with more certainty.
You May Still See Changes in Your Monthly Payment
Although your interest rate remains constant on a fixed rate mortgage, your monthly payment may still vary if you have an "impound account". Your impound account is an escrow account set up by your lender where they collect additional money each month to cover taxes and insurance premiums along with your monthly “principal + interest” amount and any mortgage insurance premium (amount charged to homebuyers who put less than 20% cash down when purchasing their home). By setting up this impound account, it helps ensure that these payments are made on time each month so that you don't fall behind or get hit with late fees.
Fixed Rate Mortgages Offer Long-Term Stability
A fixed-rate mortgage provides long-term stability since the payments remain constant over time. This gives homeowners peace of mind knowing that their monthly housing costs won’t suddenly increase or decrease due to changes in market conditions or other factors. Furthermore, having a fixed rate makes it easier for homeowners to budget their finances since they know how much they need to pay each month for their house payment.
Overall, there are many benefits associated with choosing a fixed rate mortgage over other types of loans such as adjustable-rate mortgages (ARMs). Fixed rates offer long-term stability since your payments stay consistent over time, giving homeowners more control over their financial situation and making it easier for them to budget accordingly. They also provide protection against sudden interest rate hikes which can make it difficult for people living on a tight budget. If you are considering buying a home, contact Metric Mortgage today and learn more about why choosing a fixed rate mortgage may be right for you!
Vancouver and Portland trust Prism Lending Partners with their loan applications to get a competitive rate and have a great experience. We actively work with you to ensure that you are able to purchase the house that you desire.
Our local presence means that we are accessible and knowledgable about the SW Washington and Portland Metro area.
When you need a local mortgage company to be with you during the process, call us.
Competitive mortgage rates for borrowers in Vancouver, Portland, Camas, Battle Group, and all of SW Washington means that you get a competitive rate. Want to know how we do it? Call Us.
Find the loan that's right for you.
Our team will help you find the right loan for you at the right time. We offer products and have an understanding of the market at all phases of the real estate cycle. We are committed to guiding you through selecting a loan and will help you reach your personal and financial goals with transparency and professionalism.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Low Down Payment
Loans where the borrower is able to wrap many of the costs and closing costs into the loan, lowering the amount needed to close.